General overview for 14/11/2013 09:30 CET
The main count has been invalidated and now the alternate count is in play.
This count indicates that wave X brown top is in place at 1.0506 and now some continuation to the downside should develop.
Wave a green is in place already and it had bottomed at 1.0438. Currecntly, the price is correcting that down move and I expect the golden descending trend line OR one of inraday resistance levels will hold.
Moreover, there is a new alternate count that indicates wave B green low at 1.0395 and the current price progression would be a continuation to the upside in wave C green. New highs confirms the alternate count. New low - invalidates it.
Support/Resistance:
1.0506 - Swing High
1.0494 - Intraday Resistance
1.0480 - 61%Fibo
1.0474 - Intraday Resistance
1.0466 - Weekly Pivot
1.0438 - 1.0444 - DEMAND ZONE
1.0438 - Swing Low
Trading recommendations:
For intraday scalps, the golden trend line rejection should be in play with entry at 1.0480 and SL above 1.0495 with potential TP at1.0444.