General overview for 30/09/2013 12:00 CET
The price action in this pair is still choppy and overlaping, indicating more complex and time consuming corrective wave 2 violet is still in progress.
Currently, I'm looking for a possible wave Y brown completion somewhere ABOVE the Key Level at 1.0261.
If this level is broken then next support is WS2 at 1.0236 and the last one is swing low level of 1.0180.
On the upside, more impulsive price progression is needed to clear the Weekly Pivot level of 1.0307 and to break out the golden descending channel into SUPPLY zone again.
Only a break out ABOVE the supply zone high level of 1.0347 would indicate more bullishness is coming.
Support/Resistance:
1.0180 - Swing Low
1.0236 - WS2
1.0261 - Key Level
1.0274 - WS1
1.0285 - Intraday Support
1.0307 - Weekly Pivot
1.0332 - 1.0347 - SUPPLY ZONE
1.0344 - WR1
1.0379 - WR2
Trading recommendations:
Trading in this pair is still possible only for intraday scalpers for typical breakout trade:
First good entry level for long trade with small SL is Intraday Support at 1.0285. The possoble TP would be 1.0307 and 1.0332.
If this level is broken, then short positions should be in play with TIGH SL and possible TP at 1.0260 and 1.0236.
