The pice has broken through DEMAND BREAKTHROUGH ZONE as it was expected in our last analysis and the level of 133.98 has been hit.
Currently the price is testing the support zone at 133.82 after making wave b green high of 134.16.
It looks like there is wave c green to the downside missing and overall this structure does not looks so much impulsive so far. It is very probabble that this is stil a corrective wave (ii) unfolding.
The golden trend line should provide support for the price somewhere at the 133.45 level, but there is nothing wron with deeper correction.
The bias is still to the upside.
Support/Resistance:
134.29 – WR1
134.16 – Intraday High
133.82 – Intraday Support
133.45 – 23%Fibo
133.32 – Intraday Support
133.01 – 38%Fibo
132.72 – Weekly Pivot
Trading recommendations:
Bias is to the upside and it is recommended to wait for wave c green to finish and then enter the long positions again. Entry level would be 133.45 with SL below 133.30 and Potential TP is 134.32.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 18/10/2013 11:30 CET
The pice has broken through DEMAND BREAKTHROUGH ZONE as it was expected in our last analysis and the level of 133.98 has been hit.
Currently the price is testing the support zone at 133.82 after making wave b green high of 134.16.
It looks like there is wave c green to the downside missing and overall this structure does not looks so much impulsive so far. It is very probabble that this is stil a corrective wave (ii) unfolding.
The golden trend line should provide support for the price somewhere at the 133.45 level, but there is nothing wron with deeper correction.
The bias is still to the upside.
Support/Resistance:
134.29 – WR1
134.16 – Intraday High
133.82 – Intraday Support
133.45 – 23%Fibo
133.32 – Intraday Support
133.01 – 38%Fibo
132.72 – Weekly Pivot
Trading recommendations:
Bias is to the upside and it is recommended to wait for wave c green to finish and then enter the long positions again. Entry level would be 133.45 with SL below 133.30 and Potential TP is 134.32.
The material has been provided by InstaForex Company – www.instaforex.com
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