General overview for 15/12/2014 08:50 CET

The current impulsive wave progression still has some uncompleted waves to the upside and it looks like it is going to make new highs this week to develop further the wave sequence. As the current cycle is now corrective, after the wave (iii) green has topped at the level of 1.1590 (our target was 1.1579). The wave progression should now decline a little to test the weekly pivot at the level of 1.1531 or maybe even lower to the technical support at the level of 1.1500. Then, the uptrend should resume and make new highs, targeting the level of 1.1666 first. Please notice that any violation of the level of 1.1454 invalidates this count.

Support/Resistance:

1.1666 - WR1

1.1590 - Intraday Resistance

1.1531 - Weekly Pivot

1.1500 - Technical Support

1.1478 - WS1

1.1454 - Technical Support|Invalidation Level|

Trading recommendations:

Larger time frame trends are still bullish and so is near and mid-term outlook for this pair, so buying the dips is the way to trade this pair. SL for swing traders should be placed below the level of 1.1454, TP should be placed at the level of 1.1666.