General overview for 26/11/2013 10:30 CET
Both of yesterday's sell entry targets had been hit, so well done for everyone who traded them.
Currently, it looks like the corrective wave iv navy is done in abc purple simple correction pattern and now the first strenght is being shown by breaking the descending intraday golden trend line.
As price is trying to move upwards, the new high is being expected in wave v navy of a possible impulsive wave progression, but please be aware of the Ending Diagonal termination pattern here.
The very important Demand Breakthrough Zone must be broken to confirm the upward scenario. Otherwise, correction will continue.
Support/Resistance:
1.0600 - WR1
1.0582 - Intraday High
1.0567 - Intraday Resistance
1.0558 - 1.0561 - DEMAND BREAKTHROUGH ZONE
1.0540 - Intraday Support
1.0514 - 1.0522 - DEMAND ZONE | Key Level |
1.0506 - Weekly Pivot
Trading recommendations:
Intraday LONG entries are in favour from 1.0540 level with SL 1.0508 and TP at 1.0600. The intraday grey rectangle DEMAND BREAKTHROUGH ZONE must be broken to confirm this trade. If this zone is not broken - exit the trade with as many pips as you can get.
