The price has hit the SUPPLY ZONE, making 1.0337 an Intraday Resistance level. A breakout above this level will make 1.0348 exposed and possibly prone to break out as well.
Nevertheless, the current wave development is not much impulsive mainly due to overall overlaping wave progression. Anyway, the bias is bullish and main count stays impulsivly bullish until proven otherwise.
The golden channel provides some refference levels and the easiest way to trady this pair now is to follow the channel breakout, either upside or to the downside.
Only a sustained break below technical support level of 1.0261 would put this count into question and only a new low invalidates the count.
Support/Resistance:
1.0380 – WR1
1.0332 – 1.0348 SUPPLY ZONE
1.0337 – Intraday Resistance
1.0301 – Intraday Support
1.0284 – Intraday Support #2
1.0279 – Weekly Pivot
1.0261 – Techncial Support
1.0226 – WS1
1.0180 – Swing Low
Trading recommendations:
Bias is still to the upside so long entries are in favour as long as the price stays above Weekly Pivot level.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 27/09/2013 08:00 CET
The price has hit the SUPPLY ZONE, making 1.0337 an Intraday Resistance level. A breakout above this level will make 1.0348 exposed and possibly prone to break out as well.
Nevertheless, the current wave development is not much impulsive mainly due to overall overlaping wave progression. Anyway, the bias is bullish and main count stays impulsivly bullish until proven otherwise.
The golden channel provides some refference levels and the easiest way to trady this pair now is to follow the channel breakout, either upside or to the downside.
Only a sustained break below technical support level of 1.0261 would put this count into question and only a new low invalidates the count.
Support/Resistance:
1.0380 – WR1
1.0332 – 1.0348 SUPPLY ZONE
1.0337 – Intraday Resistance
1.0301 – Intraday Support
1.0284 – Intraday Support #2
1.0279 – Weekly Pivot
1.0261 – Techncial Support
1.0226 – WS1
1.0180 – Swing Low
Trading recommendations:
Bias is still to the upside so long entries are in favour as long as the price stays above Weekly Pivot level.
The material has been provided by InstaForex Company – www.instaforex.com
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