General overview for 28/10/2014 11:20 CET
The intraday resistance is still keeping the lid on this pair as the level of 137.24 can not be broken so far. Nevertheless, it is still possible that the wave -iii- or c will be extended to the upside to hit the projected target at the level of 138.06. This target is just slightly above the key level of technical resistance and supply zone and reversal to the downside is expected from this zone. Please notice that the market is still trading above the weekly pivot at the level of 136.66 and only breakout lower from that level would put the next support at the level of 136.48 for an intraday test. As long as the golden trend line is not broken the wave B of the corrective cycle will be in progress.
Support/Resistance:
138.11 - WR1
138.06 - Projected Target Level For wave B
137.80 - 137.93 - Supply Zone
137.24 - Intraday Resistance
136.66 - Weekly Pivot
136.48 - Intraday Support
136.11 - WS1
Trading recommendations:
The sell orders opened yesterday should still be kept open but any breakout higher above the level of 137.25 is intraday bullish and provides an intraday opportunity for a long scalp trade with TP at the level of 138.00.
