H4 – Second target level indicated on the beginning of the week has been hit and price has reversed from grey rectangle area.
The overall impulsive wave development so far is smoewhat muted and to confirm the top is must develop more dynamically. The break of grey rectangle area @ 1.0628 – 1.0641 is first top confirmation.
H1 – Price is currently in range zone but it might break it because only first wave to the downside has been made. As long as descending red trendline holds, the bias is to the downside.
Support/Resistance:
1.0705 – Swing high
1.0703 – WR2
1.0697 – 100%Fibo Ext.
1.0671 – WR1
1.0660 – 61%Fibo Ext | Support |
1.0645 – Lower Intraday Support
1.0635 – Lower Intraday Support
Trading recommendations:
For intraday scalpers: as long as red trendline holds short positions are in favour with SL just above the 1.0705 and potential TP @ 1.0645 and 1.0635.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 05/12/2013 08:50 CET
H4 – Second target level indicated on the beginning of the week has been hit and price has reversed from grey rectangle area.
The overall impulsive wave development so far is smoewhat muted and to confirm the top is must develop more dynamically. The break of grey rectangle area @ 1.0628 – 1.0641 is first top confirmation.
H1 – Price is currently in range zone but it might break it because only first wave to the downside has been made. As long as descending red trendline holds, the bias is to the downside.
Support/Resistance:
1.0705 – Swing high
1.0703 – WR2
1.0697 – 100%Fibo Ext.
1.0671 – WR1
1.0660 – 61%Fibo Ext | Support |
1.0645 – Lower Intraday Support
1.0635 – Lower Intraday Support
Trading recommendations:
For intraday scalpers: as long as red trendline holds short positions are in favour with SL just above the 1.0705 and potential TP @ 1.0645 and 1.0635.
The material has been provided by InstaForex Company – www.instaforex.com
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