General overview for 28/08/2013 07:30 CET
The last leg of corrective wave 4 green needs one small downward sub-wave to be completed.
The intraday resistance level of 1.0498 should hold and the price should decline to 38%Fibo level of 1.0461.
In case the 38%Fibo is broken, next support is 50%Fibo level of 1.0429.
Please notice that there is nothing wrong with the correction to retrace even to 61%Fibo level of 1.0396 and then to bounce and reverse.
Only a break of the 1.0368 level invalidates the impulsive green bullish count.
Support/Resistance:
1.0567 - Swing High
1.0501 - 23%Fibo
1.0490 - 1.0498 Technical Resistance | Intraday Supply |
1.0475 - Weekly Pivot
1.0469 - Technical Support
1.0461 - 38%Fibo
1.0429 - 50%Fibo
1.0396 - 61%Fibo
1.0368 - Invalidation Line
Trading recommendations:
For intraday scalping, place short positions in the range of the 1.0490 - 1.0498 levels with SL just above it and a potential TP at 1.0461 or below at one of the mentioned Fibo levels.
