General overview for 19/08/2013 13:30 CET:
Still, there is a possibility for an impulsive wave to the downside to develop from this levels. To obtain this, current wave (ii) can not move above 50%Fibo at 1.0358, so the intraday supply area is intact. Whatsoever, ideally brown descending trend line would hold the level and act as a resistance. From here, impulsive decline is expected - without this clue, bearish impulsive wave progression might be easily invalidated.
To confirm further weakness, an intraday close is needed below th 23% Fibo level at 1.0313 and then further continuation downward is needed to break the golden tren line and hit the intraday demand level or beyond.
Support/Resistance:
1.0273 - Swing Low
1.0283 - 1.0291 - Intraday Demand
1.0288 - WS1
1.0313 - 23% Fibo
1.0322 - Weekly Pivot
1.0358 - 50% Fibo
1.0356 - 1.0362 - Intraday Supply
1.0367 - Technical Resistance
1.0377 - WR1 | 61%Fibo
1.0410 - Bearish Impulsive Count Invaliadtion Level
1.0417 - WR2
Trading recommendations:
As long as the brown trend line, 50% Fibo and intraday supply zone holds, short side of the market sould be played with SL above 1.0358 and potential TP at 1.0300.
