For intraday scalping, place short positions in the range of the 1.0490 – 1.0498 levels with SL just above it and a potential TP at 1.0461 or below at one of the mentioned Fibo levels.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 28/08/2013 07:30 CET
The last leg of corrective wave 4 green needs one small downward sub-wave to be completed.
The intraday resistance level of 1.0498 should hold and the price should decline to 38%Fibo level of 1.0461.
In case the 38%Fibo is broken, next support is 50%Fibo level of 1.0429.
Please notice that there is nothing wrong with the correction to retrace even to 61%Fibo level of 1.0396 and then to bounce and reverse.
Only a break of the 1.0368 level invalidates the impulsive green bullish count.
Support/Resistance:
1.0567 – Swing High
1.0501 – 23%Fibo
1.0490 – 1.0498 Technical Resistance | Intraday Supply |
1.0475 – Weekly Pivot
1.0469 – Technical Support
1.0461 – 38%Fibo
1.0429 – 50%Fibo
1.0396 – 61%Fibo
1.0368 – Invalidation Line
Trading recommendations:
For intraday scalping, place short positions in the range of the 1.0490 – 1.0498 levels with SL just above it and a potential TP at 1.0461 or below at one of the mentioned Fibo levels.
The material has been provided by InstaForex Company – www.instaforex.com
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