General overview for 20/09/2013 08:30 CET
Price has stopped going up on technical resistance level at 1.0280 area after making five waves to the downside.
This wave up looks impulsive and it might be first wave up after full ABC blue correction wave X is over. I have been expecting this wave to go little bit deeper to the levels of 1.0140 but now it looks the wave might have been finished earlier. Nevertheless, price must break up above golden trend line to confirm bullish bias.
Larger time frame cycles still point out unfinished wave Y to the upside.
Support/Resistance:
1.0180 - Intraday Low
1.0223 - WS2
1.0231 - Intraday Support
1.0255 - WS1
1.0280 - Technical Resistance
Trading recommndations:
As long as Technical resistance will hold short positions, it is preferred from current levels to trade the correction. This is only intraday scalp with SL above 1.0280 and TP1 at 1.0255 and TP2 at 1.0231.
