The price has broken above the Supply Breakthrough Zone and stays close to the last swing high but wave progression is far from impulsive so far.
The overall wave progression has been finished in wave C green according to main count BUT there is a possibility that the last wave v will be extended. If price will not break below golden trend line then traders might assume one more high might be made. The alternate count for this scenario has been indicated on H4 chart.
Support/Resistance:
1.0600 – Swing High | WR1 |
1.0598 – Intraday Resistance
1.0573 – 1.0582 – SUPPORT ZONE
1.0560 – Intraday Support
1.0514 – 1.0522 – DEMANZD ZONE
1.0506 – Weekly Pivot
Trading Recommendations:
Main count H1 chart scenario: As long as Intraday Resistance is not broken, short positions should be in play here with SL above 1.0601 and TP1 @ 1.0560 and TP2 @ 1.0522.
Alternate count H4 chart scenario: If Intraday Resistance is broken, then BUY STOP orders from 1.0605 should be in play with SL below 1.0570 and TP1 @ 1.0628 and TP2 @ 1.0690.
The material has been provided by InstaForex Company – www.instaforex.com
General Overview for 29/11/2013 10:00 CET
The price has broken above the Supply Breakthrough Zone and stays close to the last swing high but wave progression is far from impulsive so far.
The overall wave progression has been finished in wave C green according to main count BUT there is a possibility that the last wave v will be extended. If price will not break below golden trend line then traders might assume one more high might be made. The alternate count for this scenario has been indicated on H4 chart.
Support/Resistance:
1.0600 – Swing High | WR1 |
1.0598 – Intraday Resistance
1.0573 – 1.0582 – SUPPORT ZONE
1.0560 – Intraday Support
1.0514 – 1.0522 – DEMANZD ZONE
1.0506 – Weekly Pivot
Trading Recommendations:
Main count H1 chart scenario: As long as Intraday Resistance is not broken, short positions should be in play here with SL above 1.0601 and TP1 @ 1.0560 and TP2 @ 1.0522.
Alternate count H4 chart scenario: If Intraday Resistance is broken, then BUY STOP orders from 1.0605 should be in play with SL below 1.0570 and TP1 @ 1.0628 and TP2 @ 1.0690.
The material has been provided by InstaForex Company – www.instaforex.com
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