Target zone indicated yesterday has been hit and now price has broken out of the blue channel.
Five waves in alternate count also looks completed but please remember “round number magic” still works on forex and 140.00 might be hit IF last high is broken.
Currently price is testing the good old blue channel from the downside and more downside progression is expected IF there is no new high.
In case of any new high, target for extended wave five is 140.78 – 141.01.
Please notice the price is diverging from AO indicator on H4 chart – first bearish assumption confirmation.
Support/Resistance:
136.51 – Weekly Pivot
137.10 – Technical Support
137.71 – Technical Support
137.95 – Intraday Support
138.30 – Intraday Support
138.86 – WR1
139.68 – WR2
140.00 – Round Number Resistance
140.78 – 141.01 – Target Zone if new high is made.
Trading Recommnedations:
As long as no new high is made, short should be in play with SL just above 139.68.
If new high is made, then breakout long entry should be in play with tight SL and potential targets @ 140.00 , 140.71 and 141.01.
The material has been provided by InstaForex Company – www.instaforex.com
General Overview for 29/11/2013 09:40 CET
Target zone indicated yesterday has been hit and now price has broken out of the blue channel.
Five waves in alternate count also looks completed but please remember “round number magic” still works on forex and 140.00 might be hit IF last high is broken.
Currently price is testing the good old blue channel from the downside and more downside progression is expected IF there is no new high.
In case of any new high, target for extended wave five is 140.78 – 141.01.
Please notice the price is diverging from AO indicator on H4 chart – first bearish assumption confirmation.
Support/Resistance:
136.51 – Weekly Pivot
137.10 – Technical Support
137.71 – Technical Support
137.95 – Intraday Support
138.30 – Intraday Support
138.86 – WR1
139.68 – WR2
140.00 – Round Number Resistance
140.78 – 141.01 – Target Zone if new high is made.
Trading Recommnedations:
As long as no new high is made, short should be in play with SL just above 139.68.
If new high is made, then breakout long entry should be in play with tight SL and potential targets @ 140.00 , 140.71 and 141.01.
The material has been provided by InstaForex Company – www.instaforex.com
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