General overview for 18/12/22013 08:45 CET
The anticipated wave b purple has been done and market bounced from 1.0575 level as expected.
Currently, the level of Supply has been almost hit and it is still possible that more upside progression will happen if correction gets more complex.
The key area now is weekly pivot zone. It must hold for any farther gains in this pair that might go even to 1.0668 level to test is. However, if the area gets broken, 1.0570 will be tested next.
The outlook is still not certain as there are still two counts possible, so only intraday scalping is advised.
Support/Resistance:
1.0709 - WR2
1.0667 - Technical Resistance
1.0644 - WR1
1.0618 - 1.0624 - Intraday Supply Zone
1.0612 - Intraday Resistance
1.0602 - Weekly Pivot
1.0559 - 1.0572 - Key Level
1.0534 - WS1
1.0509 - 1.0523 - Demand Zone
1.0493 - WS2
Trading recommendations:
For intraday scalpers:
- if Supply zone is broken, go long with tight SL and TP @ 1.0643
- if Supply zone holds, go short with SL above the 1.0624 and TP @ 1.0599 and TP2 @ 1.0570