General overview for 17/12/2013 09:45 CET
The correction continues on this pair and a little bit more to the upside is expected here, however there is not much impulsive reaction now.
Wave b green shape is rather hard to determine now and the target level would be either small wave (iv) area OR intraday Supply zone at 1.0618 - 1.0623. Any more of the upside progression is bullish and a possible test of red trend line might be in view.
On the other hand, if the intraday support level at 1.0570 is broken then surley 1.0559 level will be tested and possibly broken.
Support/Resistance:
1.0709 - WR2
1.0667 - Technical Resistance
1.0644 - WR1
1.0607 - Intraday Resistance
1.0602 - Weekly Pivot
1.0559 - 1.0572 - Key Level
1.0534 - WS1
1.0509 - 1.0523 - Demand Zone
1.0493 - WS2
Trading recommendations:
For intraday scalpers: as long as 1.0559 holds buy orders should be in play with SL below 1.0558 and TP at 1.0606.
