Ending Diagonal wave v has been done and price has made first impulsive decline to the downside.
The correction is expected now and the first level is round number of 130.00. The most optimal level for correction to end is 130.50.
The Key Level now is the lower wave iv Triangle area, 129.49 – 129.56, that must be broken to confirm further weakness. If this level is broken, next one is Technical Support at 128.91.
General overview for 20/08/2013 08:00 CET
Ending Diagonal wave v has been done and price has made first impulsive decline to the downside.
The correction is expected now and the first level is round number of 130.00. The most optimal level for correction to end is 130.50.
The Key Level now is the lower wave iv Triangle area, 129.49 – 129.56, that must be broken to confirm further weakness. If this level is broken, next one is Technical Support at 128.91.
Support/Resistance:
127.96 – 128.22 – DEMAND ZONE
128.81 – WS1
128.91 – Technical Support
129.49 – 129.56 – Intraday Demand Area | KEY LEVEL |
129.76 – Weekly Pivot
130.50 – Intraday Resistance
131.03 – Invalidation Line | Intraday High |
Trading recommendations:
Any Price below the invalidation line should be sold – the first entry level is 130.00. If it is broken, then next one is 130.50.
If You are still short following my yestrday’s recommendation, adding to short at 130.00 (OR 130.50) seems to be good idea if You are swing trader.
If the KEY ZONE is broken, then TP levels are 128.91 and even lower DEMAND ZONE.
The material has been provided by InstaForex Company – www.instaforex.com
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