General overview for 25/11/2013 09:35 CET
Wave progression had been developing on this time frame just as anticipated in impulsive wave C green to the upside.
The level of 1.0582 was hit as 216%Fibo Ext. of the wave (i) -(ii) projection and the price reversed from this level making Bearish Engulfing pattern on H1. This might be the first clue the corrective cycle is due and the main focus now is at Key Level of DEMAND ZONE at 1.0514 - 1.0522. This level should hold and the price shoud bounce and try to make last new high in wave v of wave C green, hitting the possible first target of WR1 at 1.0600. In case DEMAND ZONE is broken to the downside, the alternate count is in play, indicating the possible top for wave C green is in.
Support/Resistance:
1.0600 - WR1
1.0582 - Intraday Resistance
1.0567 - Intraday Resistance
1.0540 - Intraday Support
1.0514 - 1.0522 - DEMAND ZONE | Key Level |
1.0506 - Weekly Pivot
Trading recommendations:
Key Level zone should be bought in anticipation of impulsive wave v to the upside, with a SL just below the 1.0514 level and TP at 1.0600.
