General overview for 05/11/2015 08:10 CET
An alternative count has been added to the chart and it shows a little different corrective cycle development. The wave b green in this cycle might be completed at the recent local high at the level of 1.3196, so there is still a potential for a further decline towards the weekly pivot level. The weekly pivot l is the key level for the day: any breakout below it would mean a further decline is more possible than a bullish reversal.
1.3191 - Intraday Resistnace
1.3111 - Weekly Pivot
1.3038 - Intraday Support
1.2954 - WS1
Day traders should consider opening buy orders at the level of 1.3111 with tight SL (10-15 pips) and TP at the level of 1.3191.