After making abc purple correction in shape of Irregular Flat, this pair is ready for more impulsive wave progression to the upside.
The first resistance level is the descending golden trendline, just above the weekly pivot. If broken, 132.68 is in view. Please notice that intraday support level zone is the grey rectangle just where high of old wave b purple is. Only a break out to the downside of 132.03 would put the count into question and it would expose 131.41 for yet another test.
Anyway, if intraday resistance level is broken next one is quite wide Demand Breakthrough Zone at 133.20 – 133.47. Please remember that the wave progression must unfold in impulsive fashion to validate this scenario.
Support/Resistance:
131.12 – 131.25 – Techncial Support
132.03 – 132.16 – Intaday Support
132.20 – Weekly Pivot
132/68 – Intraday Resistance
132.98 – WR1
133.20 – 133.47 – Demand Breakthrough Zone
Trading recommendation:
Bias is still to the upside, as long as the golden trendline is broken, this bias is even more conveniencing.
Intraday scalps should consider long positions with TP above 132.20 and SL below 132 with TP1 at 132.68 and TP2 at 133.20.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 10/10/2013 11:00 CET
After making abc purple correction in shape of Irregular Flat, this pair is ready for more impulsive wave progression to the upside.
The first resistance level is the descending golden trendline, just above the weekly pivot. If broken, 132.68 is in view. Please notice that intraday support level zone is the grey rectangle just where high of old wave b purple is. Only a break out to the downside of 132.03 would put the count into question and it would expose 131.41 for yet another test.
Anyway, if intraday resistance level is broken next one is quite wide Demand Breakthrough Zone at 133.20 – 133.47. Please remember that the wave progression must unfold in impulsive fashion to validate this scenario.
Support/Resistance:
131.12 – 131.25 – Techncial Support
132.03 – 132.16 – Intaday Support
132.20 – Weekly Pivot
132/68 – Intraday Resistance
132.98 – WR1
133.20 – 133.47 – Demand Breakthrough Zone
Trading recommendation:
Bias is still to the upside, as long as the golden trendline is broken, this bias is even more conveniencing.
Intraday scalps should consider long positions with TP above 132.20 and SL below 132 with TP1 at 132.68 and TP2 at 133.20.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: