General overview for 13/08/2013 06:30 CET
The price has broken out of the channel and is about to test the last resistance level at 129.80. This zone looks like strong resistance due to a confluence of technical levels, 50%Fibo, supply zone and WR1. It is possible for a price to get through this zone, but then, this kind of price action would make Irregular Flat correction in wave (ii) more expanded in price and time. Only a break of 131.11 level would change the current bearish count. Bias is still to the downside.
Support/Resistance:
127.99 - 128.22 - DEMAND ZONE
128.91 - Intraday Support
129.70 - Wave (ii) high | Technical Resistamce |
129.80 - Intraday Resistance
129.95 - 50%Fibo
130.13 - WR1
131.08 - 78%Fibo
Trading recommendations:
Shorting the final stages of either wave c of wave ii OR wave (c) of wave (ii) should be played: If 129.70 is broken bearish impulsive count (wave c of wave ii) is invalidated and the first good level to short is 130.13-130.40 with SL above 130.75.
