General overview for 26/11/2013 10:00 CET
This pair is still in consolidation cycle of wave b purple and yet one more high is being expected here with higher time frame targets provided in Daily chart.
In H1 chart traders can see a low for wave b purple small intraday uprising channel. This channel should not be broken if the low for wave b purple is in. If it gets broken, then the price might test even the Weekly Pivot before bouncing back up.
To confirm the strenght, the price must get back to blue channel zone, otherwise lower prices are expected and correction will continue.
Please be aware of a possible top might be in place if Doji candle in Daily chart is confirmed by a new low below important support of 137.01.Wave 5 Target Zone has been missed by mere 15 pips.
Support/Resistance:
138.13 -138.70 - Daily Target Projection
138.22 - 138.45 - H4 Target Projection
137.97- Intraday High
137.63 - Intraday Resistance | Channel Breakout Level |
137.26 - Intraday Support | Key Intraday Level |
136.97 - Intraday Support
136.47 - Weekly Pivot
135.63 - WS1
Trading recommendations:
Buying at the dips is advised as long as Weekly Pivot level is not broken to the downside (needs a H1 close below 136.47).
