General Overview for 07/05/2014:
The impulsive wave progression has not been finished yet as there is couple of waves to be developed. The wave (iii) target is at the level of 1.3960 and then correction for wave (iv) is expected. The range of the correction shoudn’t go below the level of 1.3913. The last target for wave (v) is at the round number of 1.4000. Please keep an eye on this level because it is very important what the market will do there.
Support/Resistance:
1.4000 – Round Number Resistance| Target for wave (v)|
1.3967 – WR2
1.3960 – Target for wave (iii)
1.3930 – WR1
1.3885 – Invalidation Level
1.3851 – Weekly Pivot
Trading Recommendations:
Buy the dips with target at the level of 1.4000.
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