General overview for 02/05/2014 07:30 CET

The market is trading in an intraday range zone between the levels of 141.75 and 142.00, but the overall bias is bearish. However, the current wave progression looks like the correction in wave (ii) green has not been finished yet and it might evolve into more complex and time consuming cycle. This means the risk of immediate impulsive wave progression has been decreased and now only a range breakout will be next clue about further wave development.

Support/Resistance:

142.50 - Wave 2 green Top

141.41 - WR2

142.14 - Invalidation Line

142.00 - Intraday Resistance

141.75 - 142.00 - Daily Range Zone

141.75 - Intraday Support

141.45 - Weekly Pivot

Trading recommendations:

Daytraders could try to catch some pips scalping this market if they open a sell stop order from the level of 141.73 with SL above the level of 141.00 and TP at the level of 141.45.