Corrective cycle wave iv has not been finished yet and there is a possible upside wave progression before the trend will resume to the downside to complete wave v of this cycle.
The first level for wave iv is intraday Resistance grey rectangle zone at 1.0438 – 1.0441. If it is broken, Key Level is in play, then that will act as resistance as well. Any attempt to break higher would put the count into question and might be first clue of more complex corrective cycle.
Small uprising channel breakout is the first clue of downside trend resumption.
Any price above 1.0460 invalidates immediate bearish impulsive blue count.
Support/Resistance:
1.0389 – 1.0395 – DEMAND ZONE
1.0392 – WS1
1.0412 – Intraday Low
1.0438 – 1.0441 – Intraday Resistance
1.0449 – Intraday Resistance
1.0458 – Weekly Pivot
1.0481 – WR1
Trading recoimmendations:
Grey resistance zone should be a good level to enter short positions with SL above 1.0450 and potential TP1 at 1.0404 and TP2 at 1.0392.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 19/11/2013 07:35 CET:
Corrective cycle wave iv has not been finished yet and there is a possible upside wave progression before the trend will resume to the downside to complete wave v of this cycle.
The first level for wave iv is intraday Resistance grey rectangle zone at 1.0438 – 1.0441. If it is broken, Key Level is in play, then that will act as resistance as well. Any attempt to break higher would put the count into question and might be first clue of more complex corrective cycle.
Small uprising channel breakout is the first clue of downside trend resumption.
Any price above 1.0460 invalidates immediate bearish impulsive blue count.
Support/Resistance:
1.0389 – 1.0395 – DEMAND ZONE
1.0392 – WS1
1.0412 – Intraday Low
1.0438 – 1.0441 – Intraday Resistance
1.0449 – Intraday Resistance
1.0458 – Weekly Pivot
1.0481 – WR1
Trading recoimmendations:
Grey resistance zone should be a good level to enter short positions with SL above 1.0450 and potential TP1 at 1.0404 and TP2 at 1.0392.
The material has been provided by InstaForex Company – www.instaforex.com
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