General overview for 22/10/2013 09:45 CET
This is the general characteristic of wave B that it is the most difficult and choppy of all corrective waves and the current price action in this pair is a good example of it. Yesterday's level of 1.0298 has been broken and the golden trendline has been broken as well, but the reaction was mere 10 pips and none of the target level has been hit yet. Currently , I am waiting for the golden trendline to be tested from below and the further upside continuation to the level of 1.0330. Please notice that the price action is range bound right now and range zone is from 1.0275 to 1.0312. Only a breakout of this zone will give more clues for next wave progression.
Support/Resistance:
1.0288 - Intraday Support
1.0308 - Intraday Resistance
1.0312 - Weekly Pivot
1.0330 - Technical Resistance
Trading recommendations: Only a range breakout in either direction is a strategy to trade for a intraday scalp. No swing trades are recommended yet.
