General overview for 30/12/2013 09:10 CET
The corrective cycle in wave (iv) is still in progress, but the overall shape of the correction starts to look more complex and time consuming. There is a clear confluence of technical levels at the zone between 144.20 - 144.34 and this zone should provide strong support for wave (iv). However, if this zone is broken, then next important level of support is the upper boundary of the GAP area. On the other hand, the breakout above the intraday resistance level at 145.02 would put the recent high prone to test and if that level is broken as well and new high is made, then the odds of price hitting the WR1 level at 146.43 are highly increased.
Support/Resistance:
146.43 - WR1
145.68 - Swing High
145.02 - Intraday Resistance
144.34 - Intraday Support
144.28 - Weekly Pivot
144.20 - 61%Fibo
143.53 - Technical Support
Trading recommendations:
As long as support zone between the levels of 144.20 - 144.34 holds, long positions should be taken with SL below the level of 144.19 and TP at the level of 145.68 and 146.43.
