General overview for 11/12/2014
The yesterday's key level has been violated and the market has made another higher high at the level of 1.1501. This level might be considered as the wave v black top, but it does not mean the price will not go any higher than this level. In the matter of fact, only a small corrective cycle is expected now, and further upward wave progression should unfold soon. This view is valid as long as the level of intraday support at 1.1396 is not broken. First targets for the upside are at the levels of 1.1519 and 1.1579.
Daytraders: yesterday's buy stop entry from the level of 1.1460 should be still kept open, and SL might now be moved to the break even level. First TP is at the level of 1.1519, second TP is at the level of 1.1579. Swingtraders: please remember that the uptrend is still intact, and swing traders still should consider buying the dips as the market has to complete more waves to the upside. Only a sustained breakout below the level of 1.1189 invalidates the mid-term bullish outlook.