General overview for 04/10/2013 08:40 CET
The price has reached the main support area which is grey rectangle Wave 4 Support Zone at 1.0408 - 1.0416.
Breakout to the downside is expected to complete wave c green of an overall ZigZag corrective wave B green progression. When ZigZag is done, trend should reverse and make new high above wave A green high at 1.0496.
Target level for ZigZag based on market geometry One-to-One levels is the area of 1.0369 - 1.0390.
Please notice that the mentioned ZigZag might be a part of a larger and more complex correction in wave B green.
Support/Resistance:
1.0522 - WR2
1.0496 - Swing High
1.0461 - WR1
1.0451 - Intraday Resistance
1.0435 - Weekly Pivot
1.0408 - 1.0416 - Technical Support Zone | Key Level|
1.0395 - 1.0390 - SUPPLY BREAKTHROUGH ZONE
1.0375 - WS1
1.0369 - 1.0364 - FRESH DEMAND
1.0349 - WS2
1.0290 - WS3
Trading recommendations:
In anticipation for a last leg of a ZigZag to the downside short positions should be in play with entry below 1.0408 (when support is BROKEN) and SL above Weekly Pivot with TP at 1.0369.
