General overview for 27/09/2013 08:30 CET
The price has got stucked in the trading range between Weekly Pivot level of 133.85 and Weekly Support Level 1 of 132.77. Only if one of this levels is broken, further price movement to either Technical Resistance at 134.93 or Swing Low level at 131.65 is possible.
The falling golden trendline is providing the resistance as well and if it is broken, another test of Weekly Pivot might be in play. However, if this line is not broken to the upside, then WS1 level of 132.77 should be tested again.
On the other hand, the whole structure of wave X black, judging by the overlaping price action and the whole structure, is tarting to get similar to a Triangle formation.
Anyway, only a true breakout will give more clues for further price development. Bias is to the downside as long as 133.98 holds.
Support/Resistance:
134.93 - Swing High
134.72 - 132.93 - SUPPLY ZONE
133.98 - Intraday Resistance | DEMAND BEAKTHROUGH ZONE
133.85 - Weekly Pivot
132.77 - WS1
132.62 Technical Support
131.65 - Swing Low
Trading recommendations:
Bias is to the downside as long as the golden trendline and Key Intraday Level holds. TP level for shorts from 133.15 small grey rectangle zone is 132.77 and 132.62.
If the Key Intraday Level is broken, then it is very possible that Weekly Pivot level will be tested again.
