General overview for 13/10/2014
The recent price action on this pair indicates some sort of possible gains consolidation just below the golden channel line, between the area of 1.1221 - 1.1158 with the key level being the intraday resistance at the level of 1.1221. The outlook and bias for this pair is still bullish, but the internal sub-cycle wave c green to the downside still seems to be missing. Please keep an eye on both intraday levels, because only a clear breakout above one of the levels will give more clues about further wave development.
The overall bias is still bullish and buying the dips in this market is advised. Nevertheless, some internal sub-cycles seem not to be completed, so please monitor the situation continuously and trade only if any of the intraday levels are clearly broken