General overview for 08/08/2013 09:00 CET:
Supply zone mentioned yesterday has been hit and the price so far reversed a little to test the technical support level of the previous high at 1.0400. This is very important level and might be tested several times before the price would eventually resume the upward move. The minimum target for wave v is WR1 level of 1.0466 and 61%Fibo level of 1.0469.
Any price break below 1.0386 wolud invalidate immediate impulsive bullish progression and then golden TL along with Weekly Pivot level of 1.0354 will be tested. If this level is broken, it is very likley that the technical support level of 1.0334 will be tested as well.
Support/Resistance:
1.0469 - 61%Fibo
1.0466 - WR1
1.0400 - Technical support | KEY LEVEL |
1.0386 - Intraday support | Invalidation Line |
1.0354 - Weekly Pivot
1.0334 - Technical support
Trading recommendations:
As long as KEY LEVEL holds long side of the market it is preffered to set SL just below the level and TP at 1.0466.
