The wave 5 black target area marked as a grey rectangle has not been hit (5 pips failure), and there is still possibility that the market will make another attempt to run for it, because the last wave up after wave 4 black looks like it consists of three sub-waves only.
Currently, the price is oscillating around Daily Pivot Level at 1.0440. A failure to break above this level would put for a test a recent Intraday Support level at 1.0427 and even last wave 4 Support Zone of 1.0408 – 1.0416.
Please notice the Bearish Divergence on AO oscillator, indicating a maturity of the upward trend and need for correction. This correction can be either a wave 4 black continuation OR higher degree wave 2 corrective decline. Break below wave 4 black grey rectangle support zone favourites the first scenario.
Support/Resistance:
1.0462 – 1.475 – Wave 5 Target Area
1.0471 – DR1
1.0458 – Swing High | Possible wave 5 black top |
1.0440 – Daily Pivot Point ( DPV)
1.0427 – Intraday Support
1.0421 – DS1
1.0408 – 1.0416 – Wave 4 black Support Zone
1.0404 – Weekly Pivot
1.0394 – 1.0390 – Intraday Support Zone | DS2|
1.0364 -1.0371 – Intraday Support Zone |DS3|
1.0350 – WS1
Trading recommendations:
A failure to break above DPV at 1.0440 will make a possibillity of a intraday short antry with SL 15 pisps above DPV with TP1 level at 1.0412 and TP2 at 1.0408.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 28/10/2013 10:20 CET
The wave 5 black target area marked as a grey rectangle has not been hit (5 pips failure), and there is still possibility that the market will make another attempt to run for it, because the last wave up after wave 4 black looks like it consists of three sub-waves only.
Currently, the price is oscillating around Daily Pivot Level at 1.0440. A failure to break above this level would put for a test a recent Intraday Support level at 1.0427 and even last wave 4 Support Zone of 1.0408 – 1.0416.
Please notice the Bearish Divergence on AO oscillator, indicating a maturity of the upward trend and need for correction. This correction can be either a wave 4 black continuation OR higher degree wave 2 corrective decline. Break below wave 4 black grey rectangle support zone favourites the first scenario.
Support/Resistance:
1.0462 – 1.475 – Wave 5 Target Area
1.0471 – DR1
1.0458 – Swing High | Possible wave 5 black top |
1.0440 – Daily Pivot Point ( DPV)
1.0427 – Intraday Support
1.0421 – DS1
1.0408 – 1.0416 – Wave 4 black Support Zone
1.0404 – Weekly Pivot
1.0394 – 1.0390 – Intraday Support Zone | DS2|
1.0364 -1.0371 – Intraday Support Zone |DS3|
1.0350 – WS1
Trading recommendations:
A failure to break above DPV at 1.0440 will make a possibillity of a intraday short antry with SL 15 pisps above DPV with TP1 level at 1.0412 and TP2 at 1.0408.
The material has been provided by InstaForex Company – www.instaforex.com
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