General overview for 10/02/2014 09:00
The whole last week the price action was about the grey rectangle area of technical support at the level of 1.1029, and this level was finally broken and will now act as resistance. This is why, two counts can be indicated here. The Key Level area between the levels of 1.1042 - 1.1053 is the most important part of the count. If this area gets violated, then there is still a chance for more bullish wave progression into upper grey rectangle area between the levels of 1.1135 - 1.1148. On the other hand, if this area is not violated, then there is one more wave to the downside missing (red wave 5) and new lows are anticipated.
Support/Resistance:
1.1222 - Swing High
1.1206 - WR2
1.1135 - 1.1148 - Demand Breakthrough Zone
1.1121 - WR1
1.1053 - Red Count Invalidation Line
1.1042 - Weekly Pivot
1.1029 - Intraday Resistance
1.0965 - Intraday Support
1.0955 - WS1
Trading recommendations:
Short positions should be opened from the current market price level with SL above the level of 1.1054 and TP at the level of 1.0950.
