General overview 02/10/2013 08:30 CET
The price development is pointing to the upside and the current wave progression indicates that wave (iii) is developing.
To confirm this movement, the 1.0350 level must be taken out. Then, the next resistance for the price is WR2 at 1.0379.
Support provides the 1.0335 level.
Momentum on AO oscilator is increasing and no divergence is presented yet.
Support/Resistance:
1.0379 - WR2
1.0245 - WR1
1.0338 - 1.0350 - SUPPLY ZONE
1.0335 - Intraday Support
1.0307 - Weekly Support
1.0274 - WS1
1.0236 - WS2
Trading recommendations:
As long as intraday support level holds, long positions should be in play with tigh SL and potential TP at 1.0379.