Green wave b almost hit the target zone of the grey rectangle, but it got rejected at 133.82 and now the price is in the last stage of Irregular Flat correction.
This last wave downwards should develop in five impulsive waves. The targets for this wave are 133.02 and 132.66-132.42 DEMAND ZONE.
When this whole abc green correction is done it is highly probabble that higher prices will be seen as the price will progress upward in impulsive wave (iii) green.
Only a break out below 131.30 would invalidate the bullish impulsive outlook.
Support/Resistance:
133.98 – Techncial Resistance
133.82 – Intraday High
133.02 – Intraday Support
132.72 – Weekly Pivot
132.66 – 132.42 – DEMAND ZONE
Trading recommendations:
Short positions from currecnt levels should be in play with SL above last high and TP at 133.02 and 132.66.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 15.10.2013 09:00 CET
Green wave b almost hit the target zone of the grey rectangle, but it got rejected at 133.82 and now the price is in the last stage of Irregular Flat correction.
This last wave downwards should develop in five impulsive waves. The targets for this wave are 133.02 and 132.66-132.42 DEMAND ZONE.
When this whole abc green correction is done it is highly probabble that higher prices will be seen as the price will progress upward in impulsive wave (iii) green.
Only a break out below 131.30 would invalidate the bullish impulsive outlook.
Support/Resistance:
133.98 – Techncial Resistance
133.82 – Intraday High
133.02 – Intraday Support
132.72 – Weekly Pivot
132.66 – 132.42 – DEMAND ZONE
Trading recommendations:
Short positions from currecnt levels should be in play with SL above last high and TP at 133.02 and 132.66.
The material has been provided by InstaForex Company – www.instaforex.com
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