General overview for 02/09/2013 10:30 CET
There are still no signs of any impulsive wave development as pricve is making more whipsaws typical for a triangle in wave 4.
Two possible scenarios here:
SCENARIO 1: MAIN COUNT - Wave c to the downside is missing to finish wave (e) of the triangle wave 4 before any impulsive upside progression will happen. First target level for wave c of (e) is 1.0470.
SCENARIO 2: ALTERNATE COUNT - Wave (e) has been finished on support test of level of 1.0509 and now golden channel might be forming and price might be in progress of impulsive wave development. Channel breakout and new high are the first confirmation of this impulsive scenario.
Two key levels on chart:
- for the bulls the key level is 1.0470 supprot
- for the bears the key level is 1.0558 area, just shy of a swing high
Any maningfull break out of any of this level is first clue for further price action.
Support/Resistance:
1.0605 - WR2
1.0570 - WR1
1.0567 - Swing High
1.0551 - 1.0558 - SUPPLY ZONE | KEY LEVEL FOR BEARS |
1.0519 - Weekly Pivot
1.0509 - Technical Support
1.0483 - WS1
1.0470 - Technical Support | KEY LEVEL FOR BULLS |
1.0435 - WS2
1.0398 - WS3 | 61%Fibo |
Trading recommendations:
Due to a lack of clues for impulsive price progression range trade is advised:
- bulls - buy the 1.4700 area with TIGHT SL
- bears - sell the SUPPLY ZONE at 1.0558 with SL above the swing high
BIAS IS BULLISH!
