General overview for November 27, 2013, 07:30 CET
The 61% Fibo level still prevents the price from going any higher and nearby demand breakthrough zone is putting a cap on the price as well.
In that circumstances the range play with a potential to the upside should be considered as the possible Triangle formation in wave iv that might be developing. The bias is still to the upside as the breakout from the Triangle should deliver one more wave above the last swing high.
Any price below 1.0514 means an alternate count is in play.
Support/Resistance:
1.0600 - WR1
1.0582 - Intraday High
1.0567 - Intraday Resistance
1.0557 - 61%Fibo
1.0558 - 1.0561 - Demand breakthrough zone
1.0514 - 1.0522 - Demand zone |Key Level|
1.0506 - Weekly Pivot
Trading recommendations:
As long as the demand zone holds long side of the market, it should be in play with a potential Triangle breakout above the last swing high.
In case the demand zone is broken, short positions for intraday scalps should be in play from 1.0514 level with tight SL and TP at1.0480.
