General overview for 04/10/2013 09:00 CET
The overlaping structure of abcxabc corrective wave (ii) is done for now and the golden trendline provides the support.
The ongoing wave progression still has a bullish bias as there is not reason to invalidate the count just yet.
Nevertheless, the corrective structure of wave (ii) might still be in progress as more complex and time consuming correction.
A breakout of the 1.0311 - 1.0337 is needed for further clues .
As long as the golden trendline provides the support, preffered wave progression is to the upside.
Support/Resistance:
1.0355 - Swing High
1.0349 - 1.0354 - Supply Zone
1.0345 - WR1
1.0337 - Intraday Resistance
1.0311 - Intraday Support
1.0307 - Weekly Pivot
Trading recommendations:
As long as the golden trendline holds, long positions are preffered for intraday scalps with entry at current levels and SL below 1.0319 with potential TP1 at 1.0337 and TP2 at 1.0350.
