General overview for 20/09/2013 08:45 CET
The price has met the first take profit level from yesterday and was shy of 13 pips to meet second profit level. Anyway, there is still a chance that take profit level at 1.3507 will be met today with ease as the current price action indicates a possible triangle wave iv black formation. This means that after the breakout, the level of 135.07 will be met as the first one and next possible target is WR3 level at 135.70.
Only a break out down below 133.94 intraday support level would put the immediate impulsive count into question and break of 132.63 invalidates the count.
Please notice that technical support level at 133.35 has not been tested yet, so after impulsive wave is done, this is the first level where price might retrace.
Support/Resistance:
135.70 - WR3
135.07 - TP2 for wave v
134.93 - Intraday High
134.53 - WR2
133.94 - Intraday Support
133.35 - WR1 | Techncials Support |
Trading recommendations:
Wave iv triangle breakout should be in play today for intraday scalp from current levels with SL below 134.20 and TP at 135.07 and possible 135.70.