General overview for 09/09/2013 10:00 CET
The price has gap up after the weekend and now it is trying to hold the gap.
Any kind of acceleration to the downside after the gap is closed would confirm the impulsive bearish scenario. For more confirmation of downward wave i at 129.87 should be taken out and DEMAND area of 129.26 - 129.40 should be exposed for a test.
In higher time frames there is still a trendline that acts as resistance for the price (green line) and as long as there is no break out of this line this pair is still in complex triangle consolidation. That means the beige rectangle in the chart must be broken to confirm a breakout. A high of this zone is the 132.42 level.
Support/Resistance:
132.61 - WR1
132.42 - Swing High
132.16 - Intraday High
131.19 - Weekly Pivot
131.01 - Intraday Support
130.80 - Gap Low
130.26 - WS1
129.87 - Intraday Support
129.26 - 129.40 - DEMAND ZONE
Trading recommendations:
If the low of the gap will not hold, then shorts should be in play for intraday scalping entry with SL above the gap high and TP at 130.26 and even 129.87.
