This pair is still in corrective cycle and it starts to look like a ZigZag.
One-to-One equal legs measurement for the ZigZag correction is in the chart, and it indicates that the level of 1.0361 might be tested again.
However, I have now an alternate count that is slightly more bullish now. In this count abc Irregular Flat correction plays the major role and the labeling degree is slighty higher.
To sum up: if the high of wave i at 1.0410 is not broken to the upside, then the alternate count is in play.
Support/Resistance:
1.0361 – ZigZag Target
1.0370 – Intraday Support
1.0386 – WQR2
1.0410 – Intraday Resistance
1.0418 – WR3
Trading recommendations:
A break of the 1.0410 level is bullish and intraday long positions should be in play. The target is at 1.0418 and 1.0450.
A break of 1.0386 is bearish and intraday short positions should be in play. The target is at 1.0368 and 1.0362
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 11/10/2013 09:00 CET
This pair is still in corrective cycle and it starts to look like a ZigZag.
One-to-One equal legs measurement for the ZigZag correction is in the chart, and it indicates that the level of 1.0361 might be tested again.
However, I have now an alternate count that is slightly more bullish now. In this count abc Irregular Flat correction plays the major role and the labeling degree is slighty higher.
To sum up: if the high of wave i at 1.0410 is not broken to the upside, then the alternate count is in play.
Support/Resistance:
1.0361 – ZigZag Target
1.0370 – Intraday Support
1.0386 – WQR2
1.0410 – Intraday Resistance
1.0418 – WR3
Trading recommendations:
A break of the 1.0410 level is bullish and intraday long positions should be in play. The target is at 1.0418 and 1.0450.
A break of 1.0386 is bearish and intraday short positions should be in play. The target is at 1.0368 and 1.0362
The material has been provided by InstaForex Company – www.instaforex.com
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