General overview for 08/08/2013 09:00 CET:
The five wave decline is almost completed and DEMAND area has been reached. The level of 127.97 is the most probable low for wave (i).
Currently, the price may start some kind of corrective bounce from the mentioned levels. The first limitation for the corrective cycle comes at 129.22 as an Intraday Resistance level and next one is just above it at 129.33-129.58 technical resistance zone.
Nevertheless, please notice that wave (v) of wave v might get extended and hit 161%FiboExt at 127.22 before any corrective cycle will start.
Support/Resistance:
127.22 - 161%FiboExt
127.97 - 128.22 - DEMAND ZONE | KEY LEVEL |
128.43 - WS2
129.22 - Intraday Resistance
129.32 - 129.58 - Technical Resistance
130.13 - WS1
131.03 - Weekly Pivot
Trading recommendations:
DEMAND ZONE provides good opportunity for a long intraday scalp trade with SL just below 127.99. TP1 would be Intraday Resistance level at 129.22 and TP2 Technical Resistance at 129.55.
