Yesterday’s target level for wave B green top has been reached without any problems and even broken higher to the level of 1.0395.
Currently, there are two counts available and the difference is in placing wave (i) or alt:1, so traders might anticipate one more wave to the upside that will hit the level of 1.0418 and might even break above up to 1.0425.
Nevertheless, if any price will break down through the 1.0336 level, then the alternate count is invalidated and Weekly Pivot is likley to be tested.
Please notice that current wave in this pair is corrective wave (either (ii) if the top is in OR wave 4 if it is not in), so the area down to 38%Fibo is corrective wave area and there is nothing wrong if the price will retrace that deep.
Support/Resistance:
1.0425 – WR2
1.0410 – 1.0417 – SUPPLY ZONE
1.0395 – Intraday Top
1.0389 – 1.0395 – DEMAND BREAKTHROUGH ZONE
1.0365 – 23%Fibo
1.0346 – WR1
1.0347 – 38%Fibo
1.0336 – Invalidation Line
1.0332 – 50%Fibo
1.0317 – 61%Fibo
1.0312 – Weekly Pivot
Trading recommendations:
Bias is to the upside with two possible levels for enter the long positions: 1.0365 and 1.0348. For both of them SL is below 1.0335 and TP1 at 1.410 and TP2 at 1.0425
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 24/10/2013 08:15 CET
Yesterday’s target level for wave B green top has been reached without any problems and even broken higher to the level of 1.0395.
Currently, there are two counts available and the difference is in placing wave (i) or alt:1, so traders might anticipate one more wave to the upside that will hit the level of 1.0418 and might even break above up to 1.0425.
Nevertheless, if any price will break down through the 1.0336 level, then the alternate count is invalidated and Weekly Pivot is likley to be tested.
Please notice that current wave in this pair is corrective wave (either (ii) if the top is in OR wave 4 if it is not in), so the area down to 38%Fibo is corrective wave area and there is nothing wrong if the price will retrace that deep.
Support/Resistance:
1.0425 – WR2
1.0410 – 1.0417 – SUPPLY ZONE
1.0395 – Intraday Top
1.0389 – 1.0395 – DEMAND BREAKTHROUGH ZONE
1.0365 – 23%Fibo
1.0346 – WR1
1.0347 – 38%Fibo
1.0336 – Invalidation Line
1.0332 – 50%Fibo
1.0317 – 61%Fibo
1.0312 – Weekly Pivot
Trading recommendations:
Bias is to the upside with two possible levels for enter the long positions: 1.0365 and 1.0348. For both of them SL is below 1.0335 and TP1 at 1.410 and TP2 at 1.0425
The material has been provided by InstaForex Company – www.instaforex.com
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