General overview for 09/06/2014 08:00 CET

The corrective cycle in wave (ii) green of a larger wave C blue is getting more complex and time consuming. Currently the golden trendline provides the dynamic resistance but any breakout higher will be considered bullish. Please note that the small corrective cycle in wave *ii( green to the downside has not been finished yet and it needs one more wave to complete. This is why I indicated a possible downside levels penetration including the key level at the intraday support at the level of 1.0888. Only a clear breakout below this level will be considered bearish.

Support/Resistance:

1.0960 - Swing High

1.0947 - Intraday Resistance

1.0914 - Weekly Pivot

1.0903 - Intraday Support

1.0888 - Key Level

1.0868 - WS1

Trading recommendations:

Daytraders should consider opening short positions from current price levels with SL above the level of 1.0948 and TP at the level of 1.0903 and 1.0888.