General overview for 12/12/2014 08:15 CET

The market has broken out of the black channel yesterday but it was capped by the golden trend line resistance after making a local high at the level of 148.04. Currently, this upward wave progression might be considered as wave -i- blue, but as long as the level of 148.32 is not clearly broken, the corrective cycle might not necessary be completed. The price might get back to the channel to complete one more wave to the downside. The initial target projection for the downside wave is at the level of 145.70, but it might extend even lower.

Support/Resistance:

151.04 - WR1

149.76 - Technical Resistance

149.00 - Weekly Pivot

148.04 - Intraday Resistance

148.32 - WS1

146.42 - Intraday Support

146.34 - WS2

Trading recommendations:

Day traders: unfortunately, sell orders from the level of 147.37 have been closed on BE unless you have closed your trades manually (as the TP was missed by mere 7 pips). The price is now in the exact middle of the intraday range, so trading should now be limited and traders should wait for one of the important levels breakout. The bias is still to the upside in near and medium term.