General Overview for 02/12/2013 10:15 CET
Last week indication of more possible upside progression in alternate count is the best way to label the chart right now.
In this count there are two Target Levels for wave v to be finished:
-grey rectangle target area @ 1.0634 - 1.0640
-grey rectangle target area @ 1.0690 - 1.0700
The second target is an OVERTHROW for this wave progression, and a dynamic reversal in first stages of correction might be possible.
On lower time frames, for intraday scalping, the break of 1.0626 support level is first clue of bearishness and possible termination of wave v into the first grey rectangle area. Further breakout below 1.0600 is first top confirmation.
Support/Resistance:
1.0702 - WR2
1.0690 - 1.0700 - Target Area #2
1.0670 - WR1
1.0634 - 1.0640 - Target Area #2
1.0626 - Intraday Support
1.0600 - Technical Support
1.0595 - Weekly Pivot
1.0562 - WS1
1.0485 - WS2
Trading Recommendations:
For intraday scalpers: breakout above 1.0641 is bullish and 1.0690 is next target, so long side of the market should be in play with tight SL. However, if 1.0612 is hit before 1.0641, then short side of the market should be in play with SL above the intraday high and Tp @ 1.0595 and TP2 @ 1.0562.
