General Overview for 03/12/2013 07:00 CET
The Bearish Divergence on H1 time frame is sending first warning signs that top could be near.
After hitting the upper channel line price has retraced and now it is slowly going higher in somewhat corrective progression.
There is a possibility that the level of 61%Fibo Ext. @ 1.0660 will be hit in Ending Diagonal scenario into grey rectangle zone. From this area a reversal is expected that should hit the 1.0626 zone as first support and go lower into 1.0600 levels.
Support/Resistance:
1.0671 - WR1
1.0660 - 61%Fibo Ext.
1.0652 - Intraday High
1.0626 - Intraday Support
1.0600 - Technical Support
1.0594 - Weekly Pivot
Trading Recommendations:
Short positions should be in play from 1.0671 - 1.0660 zone. SL is @ 1.0677, TP1 @ 1.0626 and 1.0600.
