Yeasterday’s range has been broken to the upside and the price has managed to hit 50%Fibo at 1.0358 on its way up.
Currently, the technical support level of 1.0347 is being tested and and if the test is successful, higher prices are anticipated.
Nevertheless, the wave progression has not looked very much conveniencing yet as to confirm further upside progression, a min 61% must be broken and then last swing high as well.
The retracement in current corrective wave (iv) might go as low as Weekly Pivot level at 1.0327 but anything below this level should be considered as more bearish than bullish.
Break below 23% at 1.0313 invalidates bullish impulsive count and lower prices are expected.
Support/Resistance:
1.0436 – 1.0445 – SUPPY ZONE | Swing High |
1.0375 – 1.0380 – 61%Fibo | WR1 |
1.0347 – Technical Support
1.0327 – Weekly Pivot | KEY LEVEL |
1.0313 – 23%Fibo | Invalidation Line |
1.0272 – Swing Low
Trading recommendation:
Bias is to the upside so any price above technical support at 1.03470 and eventually 1.0327 should be bought with SL below 1.0313 and firtst immediate TP at 1.0380.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 14/08/2013 10:00 CET
Yeasterday’s range has been broken to the upside and the price has managed to hit 50%Fibo at 1.0358 on its way up.
Currently, the technical support level of 1.0347 is being tested and and if the test is successful, higher prices are anticipated.
Nevertheless, the wave progression has not looked very much conveniencing yet as to confirm further upside progression, a min 61% must be broken and then last swing high as well.
The retracement in current corrective wave (iv) might go as low as Weekly Pivot level at 1.0327 but anything below this level should be considered as more bearish than bullish.
Break below 23% at 1.0313 invalidates bullish impulsive count and lower prices are expected.
Support/Resistance:
1.0436 – 1.0445 – SUPPY ZONE | Swing High |
1.0375 – 1.0380 – 61%Fibo | WR1 |
1.0347 – Technical Support
1.0327 – Weekly Pivot | KEY LEVEL |
1.0313 – 23%Fibo | Invalidation Line |
1.0272 – Swing Low
Trading recommendation:
Bias is to the upside so any price above technical support at 1.03470 and eventually 1.0327 should be bought with SL below 1.0313 and firtst immediate TP at 1.0380.
The material has been provided by InstaForex Company – www.instaforex.com
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