General overview for 20/12/2013 07:40 CET
The price has retraced a little more than expected without making a visible wave five to the upside, so now it is possible that the whole structure will be a kind of Ending Diagonal pattern IF the level of 1.0654 is violated. Otherwise there is a pretty good chance for more impulsive continuation to complete the wave 5 blue of the overall cycle wave C green.
Nevertheless, any breakout blow the navy Ending Diagonal line is bearish and test of Weekly Pivot level is possible.
Support/Resistance:
1.0751 - WR3
1.0725 - Swing High
1.0709 - WR2
1.0677 - Intraday Resistance
1.0659 - Intraday Support
1.0654 - Impulsive Count Invalidation Line
1.0643 - WR1
1.0601 - Weekly Pivot
Trading Recommendations:
For intraday scalpers: as long as grey rectangle Key Zone holds long side of the market should be in play with SL below 1.0649 and TP at 1.0677 and TP2 at 1.0700
