General overview for 25/09/2013 09:45 CET
The count has been slightly changed: wave (v) green must have been finished earlier and now the whole overlapsing wave progression to the downside is a corrective cycle of wave 4 green.
Currently the price is developing last sub waves of the corrective downward move.
The key level is 133.08 and only a breakout of this level would expose 133.54 intraday resistance test.
Demand Breakthrough Zone at 134 level is very important for the bears. This wolud be line in the sand for the bears to continue downward move.
Please notice that the equall legs level for W=Y is at 132.12 but it is very probable that 127% Fibo Extension level will be tested if the price will not bounce from 132.12.
Support/Resistance:
131.65 - Swing Low
132.12 - 100%Fibo Extension of Wave W
132.61 - Technical Support
132.77 - WS1
133.08 - Key Level
133.54 - Intraday Resistance
133.87 - Weekly Pivot
134.00 - Demand Breakthrough Zone
134.71 - 134.93 - SUPPLY ZONE
Trading recommendations:
Althrough the bias is to the upside as wave 5 green has not been finished, intraday scalp setup is possible as well:
- short entry from 133.00 level with SL above 133.09 and potential TP at 132.62 OR LOWER
- long entry from 133.08 level with TIGHT SL and TP at 133.54.
