General overview for 29/08/2013 08:00 CET
Currently, the corrective wave (iv) is taking a lot of time to complete.
It looks like this wave will be in shape of a abcde triangle pattern. It will, eventally, break out downwards to one of the support levels to complete wave (v) of wave (c) and then reverse upwards.
Please notice, there is nothing wrong with the price to retrace as low as 61%Fibo at 1.0396 and hit the WS1 at 1.0387 before a reversal takes place.
There is still a possibility that this descending wave 4 is only a leg A of more complex and time consuming correction.
Green impulsive bullish invalidation line is at 1.0368.
Support/Resistance:
1.0567 - Swing High
1.0509 - Intraday Resistance
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:
A break out downwards seems imminent, so intraday short positions from the current levels should be in play with SL above Intraday Resistance at 1.0509 and TP1 at 1.469 and TP2 at 1.0429.
