General overview for 18/09/2013 08:30 CET
As mentioned earlier, the level of 1.0336 which is Weekly Pivot provided strong resistance and after the test of this level the price has made a new low and currently is consolidation in the middle of the range. The current main count labels this wave down as wave b green of complex and time consuming correction in wave (iv) green. According to this count, when corrective wave (iv) is finished, one more low will be made ( wave (v) green) to complete the cycle. The alternate blue count labels the whole overlaping structure as Ending Diagonal wave alt.(v) green and it is possible, that if no new low is made, this might be the end of the downward impulsive cycle. Confirmation of this scenario comes with Weekly Pivot breakout.
Bias is to the upside, as main and alternate counts are pointing upward. Momentum oscilator with 3x Bullish Divergence supports the view.
Support/Resistance:
1.0255 - WS1
1.0272 - Intraday Support
1.0304 - Intraday Resistance
1.0336 - Weekly Pivot
1.0359 - WR1
Trading recommendation:
Possible low in place and the bias is to the upside but not much action for this pair is expected until FED meeting, so please trade accordingly.
