General overview for 19/03/2015 12:10 CET
The anticipated wave 3 to the bottom looks completed and after a FED news release market bounced strongly to the upside. There are two possible wave progressions currently and the difference is in the degree cycle labeling: the first one is green cycle labeling (main count) and the other is pink cycle labeling ( alternative). Please notice the targets on the weekly chart are around parity but it will be determined in greater detail when the wave 4 (regardless of degree) is completed.
Support/Resistance:
1.04611 - Swing Low
1.0593 - Weekly Pivot
1.0627 - Intraday Support
1.0718 - WR1
1.0932 - 50%Fibo
1.1029 - WR2
1.1033 - 61%Fibo
Trading recommendations:
The sell orders advised from last year summer should all be closed in profit now. Congrats for those who trade it!
For today it will be quite relevant for daytraders to keep an eye on the level of 1.0627 for any possible breakout to the downside or bounce. Please notice that the "easy money" on this pair has been made already and now the trading conditions might get choppy and full of whipsaws as wave 4 green develops.
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