General overview for 06/09/2013 08:30 CET
Price action is still in range and the golden trendline provides resistance. None of the main support and resistance levels has been broken yet.
Only trendline break and what is more important Key resistance at 1.0516 break would expose upper Intraday Supply zone of 1.0551 - 1.0558 to test for a possible wave D of the Triangle.
Otherwise price might continue to decline in impulsive fashion as the alternate count is still valid.
The key level to the downside is at 1.0470. The break out of this level will expose WS2 for a test.
Support/Resistance:
1.0605 - WR2
1.0570 - WR1
1.0567 - Swing High
1.0551 - 1.0558 - SUPPLY ZONE
1.0516 - Key Level
1.0519 - Weekly Pivot
1.0483 - WS1
1.0470 - Technical Support | KEY LEVEL FOR BULLS |
1.0435 - WS2
1.0398 - WS3 | 61%Fibo
Trading recommendations:
If the golden trendline is broken then intraday longs might be played up to the level of 1.0516 with SL below the low. Then if Key Level at 1.516 and Weekly Pivot holds, then intraday short positions should be in play with SL just above Weekly Pivot and TP at 1.0470. If this important support is broken - next level is 1.0435.