General overview for 20/04/2015 09:15 CET

The corrective cycle in this pair continues lower as the bottom for wave (a) blue had been made. Now, it is time to make wave (b) blue to the upside before continuing lower. The overall corrective structure is still labeled as wave 4 green and that means that there is one more wave of a bigger degree to the upside missed. Currently, on the lower time frames the sub-wave b green to the downside had not been made yet and there is still a good chance that wave b green should be made if the price does not break out of the black dashed channel,. The intraday support at the level of 1.2088 should act as a good rebound level and the market should shoot up in wave c green. To the upside the key level if the technical resistance at the level of 1.2387, but only a break out above the level of 1.2570 might be considered as truly bullish.

Support/Resistance:

1.2088 - Intraday Support

1.2272 - Intraday Resistance

1.2297 - Weekly Pivot

1.2318 - Supply Zone

1.2387 - Technical Resistance| Key Level|

1.2503 - WR1

Trading recommendations:

Daytraders should consider opening sell orders from the current market levels with SL above the level of 1.2272 and TP at the level of 1.2088. Impulsive rebound from this level is anticipated.