After yesterday’s invalidation of an immediate bullish impulsive trend resumption, there is still a possibility for a further impulsive trend development however.
In this count wave progression might be impulsive as long as the 1.0427 level holds and that progression is way more dynamic that the previous one.
The first resistance level would be Intraday Resistance zone at 1.0478. If this level is broken then further upside continuation is anticipated, up to the level of 1.0506 and more ( SUPPLY ZONE).
Support/Resistance:
1.0392 – WS1
1.0404 – DEMAND ZONE
1.0413 – Swing Low
1.0428 – Invalidation Line
1.0435 – Intraday Support
1.0458 – Weekly Pivot
1.0478 – 1.0483 – Technical Resistance Zone | DEMAND BREAKTHROUGH ZONE |
1.0412 – WR1
1.0506 – 1.0524 – SUPPLY ZONE
Trading recommendations:
In anticipation of more impulsive wave development to the upside 1.0478 -1.0483 zone should be bought IF there is 1h candle close above the zone. If there is no close above the zone, sell orders should be in play for intraday scalps of 25-30 pips.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 21/11/2013 08:00 CET
After yesterday’s invalidation of an immediate bullish impulsive trend resumption, there is still a possibility for a further impulsive trend development however.
In this count wave progression might be impulsive as long as the 1.0427 level holds and that progression is way more dynamic that the previous one.
The first resistance level would be Intraday Resistance zone at 1.0478. If this level is broken then further upside continuation is anticipated, up to the level of 1.0506 and more ( SUPPLY ZONE).
Support/Resistance:
1.0392 – WS1
1.0404 – DEMAND ZONE
1.0413 – Swing Low
1.0428 – Invalidation Line
1.0435 – Intraday Support
1.0458 – Weekly Pivot
1.0478 – 1.0483 – Technical Resistance Zone | DEMAND BREAKTHROUGH ZONE |
1.0412 – WR1
1.0506 – 1.0524 – SUPPLY ZONE
Trading recommendations:
In anticipation of more impulsive wave development to the upside 1.0478 -1.0483 zone should be bought IF there is 1h candle close above the zone. If there is no close above the zone, sell orders should be in play for intraday scalps of 25-30 pips.
The material has been provided by InstaForex Company – www.instaforex.com
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