General overview for 12/09/2013 07:30 CET
The green triangle line has been rejected twice and the price is heading lower in this unfinished impulsive progression.
Currently, the H1 main count has been slightly changed, exposing a possible wave (i) as a Leading Diagonal and this fits better to the overall shape. It looks like there is one more wave to the downside, missing by this count and possible target levels are 1.0273 and 1.0259. On this levels wave C of the Triangle should finish and new wave to the upside should start.
On the other hand, there is a Regular Flat correction Wave 4 alternate count, that points out the possibility of wave 4 cycle finishing completely here and straing forward impulsive wave development from current levels to finish higher time frame impulsive cycle wave 5. The Key Level for this count is 1.0245 DEMAND AREA.
Support/Resistance:
1.0135 - WS3
1.0245 - Key Level
1.0259 - WS2
1.0273 - Wave (v) First Target Level
1.0369 - Wave (v) Second Target Level
1.0315 - WS1
1.0329 - Technical Resistance
1.0359 - 1.0366 - Intraday Supply
1.0436 - Weekly Pivot
Trading recommendations:
Sell at the current levels with SL above 1.0330 and TP1 at 1.0273 and TP2 at 1.0259.