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Thursday, 18 June 2015

EUR/USD H4









General overview for 18/06/2015 08:00 CET

It looks like the upside wave progression to complete the wave (c) of the bigger wave B purple hasn't been completed yet as the first target is at the level of 1.1547 (61%FiboExt + Measured Move), second target is at the level of 1.1765 (100%Fibo). Nevertheless, the overall picture is bearish and the downside wave progression will start sooner or later, we just need to wait for wave 4 pink to be completed.

Support/Resistance:
1.1547 - First Target Projection
1.1475 - 1.1531 - Supply Zone
1.1365 - WR1
1.1224 - Weekly Pivot
1.1205 - Wave (b) Support

Trading recommendations:
The sell orders should be still kept open as the overall technical picture is bearish and fundamental news are currently not in favor of strong Euro ( Grexit + possible FED rate hike this year).

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