General Overview for 23/05/2014:
The market is still in a upward red channel that might be considered as a corrective one. The breakout to the downside from this channel is valid if the level of 1.6848 is broken, otherwise the price might continue to trade to the upside. The key level for Bears is the intraday supply zone between the levels of 1.6903 – 1.6920. Only a clear breakout higher is a first confirmation, that last leg of Ending Diagonal wave (5) is in progress and new highs will be made.
On the other hand, any downside breakout below the level of 1.6848 is the first clue that the wave (b) is in progress and it might even target the levels below previous wave (4) low.
1.6995 – Swing High
1.6939 – 78%Fibo
1.6903 – 1.6920 – Supply Zone
1.6894 – 61%Fibo
1.6848 – Intraday Support
1.6818 – Weekly Pivot
1.6806 – Technical Support
Please wait for a clear breakout in either direction BEFORE making a trade decision. Buy/Sell Stops orders should be placed on extreme levels. Bias is neutral right now.
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