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.
The material has been provided by InstaForex Company - www.instaforex.com
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