General overview for 20/08/2013 08:30 CET
Brown trend line has been broken and the impulsive bearish count has been invalidated. Currently, desplite making new local intraday high, price is unable to break 61%Fibo at 1.0377.
From Elliott Wave point of view current wave progression looks like a very complex and time consuming wave iv, so there is still one more wave to the downside missing as long as 1.0401 level is not broken.
Current shape of wave iv is ABC in three waves, so it might indicate, that an Ascending Triangle wave iv pattern is unfolding and there are two waves missing to complete this pattern: wave D and E.
The Key Level zone in grey rectangle must hold if further upside wave progression is to be made. If price breaks the level of 61%Fibo, it might indicate ABC Irregular Flat wave iv pattern and not a Triangle pattern.
Support/Resistance:
1.0273 - Swing Low
1.0288 - WS1
1.0283 - 1.0291 - INTRADAY DEMAND ZONE
1.0332 - Weekly Pivot
1.0339 - Intraday Support
1.0356 - 1.0362 - KEY LEVEL
1.0376 - Technical Resistance
1.0377 - WR1 | 61%Fibo|
1.0401 - Invalidation Line
1.0415 - WR2
Trading recommendation:
Due to higher time frame cycles bias is still to the downside.
Any price below 61%Fibo should be sold with SL just above this level. First TP is at 1.0339 and if this one is broken, then 1.0313.
