General overview for 11/10/2013 09:15 CET Both of yesterday's targets has been hit and the pair is trading according to the wave progression. Some smaller degree corrective cycle is expected now, but 132.95 should provide the support. Judging by the smaller time frame wave progression, the anticipated shape of this correction is a Triangle formation. The Key Level here to keep the bullish momentum intact is DEMAND level of 132.43 - 132.68. The target level for wave v is DEMAND BREAKTHROUGH ZONE of 133.97. Support/Resistance:
132.20 - Weekly Pivot
132.43 - 132.68 - DEMAND ZONE | Key Level |
132.95 - Intraday Support
132.98 - WR1
133.47 - Technical Resistance
133.97 - DEMAND BREAKTHROUGH ZONE
Trading recommendations:
The bias is still bullish as there are unfinished impulisve cycles, so intraday buying opportunity is the entry at the level of 132.95 with tight SL and potential TP1 at 133.48 and TP2 at 133.97. For swing traders: long positions should be still kept in play, as long as Key Level holds.
