General overview for 22/10/2013 10:00 CET
The mentioned yesterday 38%Fibo level as the top for Irregular Flat correction wave X has almost been hit, but the wave progression is not impulsive. This is why my guess is the whole upside move will terminate in the area of Fibo Cluster at 134.51 - 134.56. First clue of downside price action possibility is brown channel breakout to the downside and immediate test of the golden trendline. If the golden trendline is broken, then the first area of support is Weekly Pivot at 133.68.
Support/Resistance:
134.75 - WR1 134.56 - 134.51- Target Level 133.82 - 133.98 - DEMAND BREAKTHROUGH ZONE 133.68 - Weekly Pivot 133.60 - Intraday Support 133.32 - Intraday Support
Trading recommendations:
Due to the two assumptions: (1) no impulsive wave progression and (2) missing wave c to the downside here, the bias is bearish; hence short positions should be in play. Entry on 134.51 - 134.56 area with tight SL and potential TP at133.68.
The mentioned yesterday 38%Fibo level as the top for Irregular Flat correction wave X has almost been hit, but the wave progression is not impulsive. This is why my guess is the whole upside move will terminate in the area of Fibo Cluster at 134.51 - 134.56. First clue of downside price action possibility is brown channel breakout to the downside and immediate test of the golden trendline. If the golden trendline is broken, then the first area of support is Weekly Pivot at 133.68.
Support/Resistance:
134.75 - WR1 134.56 - 134.51- Target Level 133.82 - 133.98 - DEMAND BREAKTHROUGH ZONE 133.68 - Weekly Pivot 133.60 - Intraday Support 133.32 - Intraday Support
Trading recommendations:
