General Overview for 04/03/2014 18:40 CET
The five wave impulsive wave progression from 1.1603 level looks like it is finished on Weekly chart. On daily chart there is a visible Head and Shoulder pattern that supports the view that the upside might be limited. Moreover, on a H4 chart we can see Bearish Flag pattern and 61%Fibo level is acting as a resistance.
Only a clear sustained breakout above the grey rectangle SUPPLY ZONE area would put the count into question and a new high above 1.5830 invalidates the count.
Support/Resistance:
1.5830 - Swing High
1.5716 - WR2
1.5623 - WR1
1.5600 - 1.5505 - SELL ZONE
1.5406 - Weekly Pivot
1.5273 - WS1
1.5092 - WS2
1.5004 - WS3
Trading Recommendations:
Sell orders should be in play from 61%Fibo level @ 1.5505 OR grey rectangle area with SL above 1.5650 level and TP below 1.50000.
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