General overview for 07/10/2013 09:30 CET
Wave c green of overall wave (ii) green has retraced 78% of the previous swing high and now it starts showing some bullish price action.
It is already above Weekly Pivot level and the next resistance is the descending golden trendline that must be broken to confirm more upside.
However, the most important resistance seems to be the area of 1.0336 - 1.0338, where the price was rejected three times last week.
The green impulsive wave progression might be invalidated only if the level of 1.0285 is broken to the downside and confirmation of further bullish development comes with the price breaking above wave (i) high.
If none of this happens, then the price is still in wave 2 green corrective cycle as long as1.0270 is taken out.
Support/Resistance:
1.0285 - Intraday Support | Invalidation Line
1.0305 - Weekly Pivot
1.0325 - Golden trend line resistance
1.0336 - 1.0338 - Intraday Resistance
1.0337 - WR1
1.0349 - 1.0354 - SUPPY ZONE
Trading recommendations:
The golden trendline break/rejection looks like a good opportunity for intraday scalp trade:
- rejection trade: entry at 1.0325 area, SL above 1.0338, TP at 1.0305
- breakout trade (preffered): entry at 1.0325, tight SL and TP1 at 1.0338 and TP2 at 1.0350.
