General overview for 29/10/2013 08:30 CET
Yesterday's price oscilating around Daily Pivot did not provide any further clues about a possible wave progression.
The count that fits the best so far is a Triangle pattern in wave 4 navy, and when it will be finished - wave 5 upside breakout. Choppy and overlaping price action - this is what Triangles are like.
Please notice that AO oscilator shows no momentum to the upside is present, and the price is even likley to test the grey rectangle of wave 4 support zone before it heads higher.
Two sets of arrows here today - it all depends when and where wave c of trangle will eventually end.
Support/Resistance:
1.0475 - 1.0463 - Wave 5 Target Area
1.0459 - Intraday High
1.0439 - Daily Pivot
1.0427 - Intraday Support
1.0408 - 1.0416 - Wave 4 Support Zone
1.0404 - Weekly Pivot
1.0395 - 1.0389 - SUPPLY BREAKTHROUGH ZONE
1.0370 - 1.0364 - Fresh Demand
1.0350 - WS1
Trading recommendations:
The bias is to the upside, and we are waiting for wave 5 to hit the target zone, so long positions should be in play here. Ideal entry with the best R/R is grey rectangel support zone with SL just below it and TP at the target area.
