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.
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
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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