General overview for 18/10/2013 12:00 CET
The level of 1.0277 that is 127% Fibo Extension has been missed by 2 pips so far, but the bounce from the level has not been dramaticly meaningfull.
The overall wave progression from the 1.0391 high might be counted as WXY mixed downward correction. I still have a trouble to label this leg down as an impusive wave because there is too many overlaping sub-waves in it.
The downside momentum is decreasing and it is shown on AO oscilator and a possible Bullish Divergence may occur. This is another possibility enhancing rather more temporary bullish bias.
The key level to the upside is 1.0299 and 1.0315.
Support/Resistance:
1.0273 - Techncial support
1.0277 - 127%FiboExt
1.0299 - Intraday resistance
1.0301 - WS1
1.0312 - Intraday resistance
1.0330 - Technical resistance
Trading recommnendations:
For intraday scalps only: long positions from technical support level at 1.0273 with tigh SL and potential TP at 1.0299.