General overview for 10/10/2013 10:45 CET
Five waves impulsive advance in wave (iii) green has been finished and the price has missed by 2 pips 161%Fibo Expansion of the wave (i) green.
Currently, the price is in the corrective cycle wave (iv) green and it looks like the first wave of ths correction is done now. The support level for corrective wave is grey rectangle zone of 1.0383 - 1.0389.
The blue accleration channel indicates a possible time target and price taqrget for wave (iv) to be finished.
The golden main channel upper line is slighty lower then accleration channel, but the overall picture remains the same as those channels and levels are providing strong support now.
Invvalidation level is wave (i) green high @ 1.0354.
Bias is to the upside after corrective cycle is finished.
Support/Resistance:
1.0418 - WR3
1.0383 - 1.0389 - Support zone
1.0386 - WR2
1.0354 - Invalidation Line
1.0337 - WR1
Trading recommendations:
Bias is to the upside and long positions should be still in play. The first target is at 1.0469.
