В General overview for 14/01/2014 08:00 CET
The five impulsive waves to the downside look to be done and now corrective cycle is on.
The shape of the correction looks like a ZigZag pattern and it should be terminated between the golden trend line resistance level somewhere around 1.0900 OR at the level of 1.0927. Any price above this level means that the recent high test in in view and possible breakout can not be rouled out as well.В
On the other hand, if this resistance level holds, then an impulsive decline is expected towards the level of 1.0840 first, and then down to the level of 1.0788.
Support/Resistance:
1.0788 - Technical Support
1.0828 - Intraday Support
1.0840 - Weekly Pivot
1.0867 - Wave b bottom
1.0900 - Golden Trend Line resistance
1.0927 - Projected target for wave c of (ii)
1.0943 - Swing High
Trading recommendations:
SUPPLY ZONE looks like a good opportunity for a nice R/R trade, so the level of 1.0927 should be Sell Limit entry level with SL above the level of 1.0945 and potential TP at the level of 1.0840 min.
