General Overview for 20/11/2014: 11:30 CET
The wave development is still in a corrective cycle and there is really no need to trade this pair right now as the cycle appears to be rather complex and time consuming cycle. The suggested wave progression inside of the blue channel is clearly corrective and the golden trending is still providing a resistance. The question remaining whether the gap zone will be filled or not in the near future but the wave count clearly indicates the possibility of a farther upward wave progression up to the 1.2834 - 12936 zone. The current bias is:
SHORT-TERM Neutral to Slightly Bullish (corrective)
MID-TERM Neutral to Slightly Bullish (To complete the corrective cycle)
LONG-TERM Bearish (new lows)
Support/Resistance:
1.2652 - 1.2692 - GAP ZONE
1.2645 - WR2
1.2600 - Local Swing High
1.2594 - WR1
1.2548 - Intraday Resistance
1.2489 - Weekly Pivot
1.2443 - WS1
1.2358 - Local Swing Low
Trading Recommendations:
Stay away until corrective cycle i completed, confirmed and downtrend resume,
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