General Overview for 28/11/2013 09:50 CET
The indicated Target Zone has been hit but there was no immediate downside reversal from the zone. This means the upside target must be revised and last wave down is getting extended.
The Bearish Divergence is forming on H1 chart and that might mean some profit taking might take place today which will make price moving downside.
Both counts are now equally valid and new Target Zone made from 127%Fibo Extensions is working. One more push to the upside is expected however before intraday reversal.
Support/Resistance:
139.69 - WR2
139.10 - 139.36 - Target Zone
138.86 - WR1
138.30 - Intrday Support
137.95 - Intraday Support
137.71 - Technical Support
137.10 - Technical Support
136.47 - Weekly Pivot
Trading Recommendations:
The overall wave progression is rather extended to the downside and the Target zone might be a good profit taking area for those who are still long from much lower levels.
There is no point to engage large order here to short this rally just yet as there is no confirmation that this last zone is the top. However, small intraday scalps might be in play from grey rectangle Target Zone to short this area in anticipation of at least some meaningfull correction here any MAYBE a reversal.
