General overview for 08/12/2014 11:50 CET
This pair keeps making fresh lows and it is quite possible that the level of 1.2167 will be the first target for the week but the pressure to the upside is increasing. Currently it is quite hard to count on the waves as there are many labeling possible including an Ending Diagonal on higher time frames. There are three zones indicated on H1 chart and only a breakout above of any of this zones would be a game changer. Otherwise the long and mid term trends are all BEARISH ( since May 2014 anyway).
PLEASE NOTICE THAT WE ARE ABOUT TO HIT WEEKLY SUPPORT TRENDLINE!!!
1.2167 - WS1
1.2207 - Intraday Resistance
1.2337 - Weekly Pivot
1.2300 - Neutral Zone Level
1.2404 - WR1
As long as the first game changing resistance at the level of 1.2300 is not broken, the bias is BEARISH and SELL orders should be opened ONLY.
More analysis here.