The golden trend line has been broken to the upside, but the next resistance zone that consists of 61%Fibo and DEMAND BREAKTHROUGH ZONE still puts a cap on the price, providing resistance.
The Fibo geometry measure on 1:1 swing relationships puts in view the level of 1.0480 as a target for wave c green of X brown, making this zone a Key Intraday Level. If this level is broken, then SUPPLY ZONE and a recent high is in view. If the recent high is broken, then it might be the first clue that the alternate green count indicating the low for wave alt: B is in play. Further, confirmation comes with wave progression – it should be more impulsive than corrective.
Nevertheless, I expect wave X brown to be done in Key Intraday Level zone, and then last wave to the downside should begin. The target for this wave is presented in H4 chart and traders can see that FRESH DEMAND zone at 1.0363 – 1.0369 is the target area. I expect wave B green to finish there and reverse to continue the upward cycle of ABC green that consist of wave C blod navy.
Support/Resistance:
1.0488 – 1.0496 – SUPPLY ZONE | Swing High | Key Level for Bears |
1.0474 – 1.0480 – Key Intraday Level | Wave X brown Target |
1.0463 – WR1
1.0460 – DEMAND BREAKTHROUGH ZONE
1.0435 – Weekly Pivot
1.0423 – Intraday Support
1.0390 -1.0395 – Technical Support | SUPPLY BREAKTHROUGH ZONE |
1.0375 – WS1
Trading recommendations:
In anticipation of wave Y to the downside SHORT positions should be in play from the level of 1.0475-1.0480 with SL above 1.0501 and potential targets TP1 at 1.0395 and TP2 at 1.0369.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 06/11/2013 08:45 CET
The golden trend line has been broken to the upside, but the next resistance zone that consists of 61%Fibo and DEMAND BREAKTHROUGH ZONE still puts a cap on the price, providing resistance.
The Fibo geometry measure on 1:1 swing relationships puts in view the level of 1.0480 as a target for wave c green of X brown, making this zone a Key Intraday Level. If this level is broken, then SUPPLY ZONE and a recent high is in view. If the recent high is broken, then it might be the first clue that the alternate green count indicating the low for wave alt: B is in play. Further, confirmation comes with wave progression – it should be more impulsive than corrective.
Nevertheless, I expect wave X brown to be done in Key Intraday Level zone, and then last wave to the downside should begin. The target for this wave is presented in H4 chart and traders can see that FRESH DEMAND zone at 1.0363 – 1.0369 is the target area. I expect wave B green to finish there and reverse to continue the upward cycle of ABC green that consist of wave C blod navy.
Support/Resistance:
1.0488 – 1.0496 – SUPPLY ZONE | Swing High | Key Level for Bears |
1.0474 – 1.0480 – Key Intraday Level | Wave X brown Target |
1.0463 – WR1
1.0460 – DEMAND BREAKTHROUGH ZONE
1.0435 – Weekly Pivot
1.0423 – Intraday Support
1.0390 -1.0395 – Technical Support | SUPPLY BREAKTHROUGH ZONE |
1.0375 – WS1
Trading recommendations:
In anticipation of wave Y to the downside SHORT positions should be in play from the level of 1.0475-1.0480 with SL above 1.0501 and potential targets TP1 at 1.0395 and TP2 at 1.0369.
The material has been provided by InstaForex Company – www.instaforex.com
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