General overview for 30/12/2013 08:50 CET
The upside wave progression has developed as anticipated so far, but it has not been finished yet. There are two waves to the upside missing to complete the wave III. Currently, the price is in corrective cycle of smaller sub-wave (iv) and bounce is expected from the level of 1.0696 or 1.0686. The first resistance would be the SUPPLY zone and last swig high level, but once violated, the price should go to the level of WR1 at 1.0777 as the first target level for wave (v).
Support/Resistance:
1.0777 - WR1
1.0736 - Swing High
1.0727 - Intraday Resistance
1.0697 - Intraday Support
1.0686 - Intraday Support
1.0676 - Weekly Pivot
1.0635 - WS1
Trading recommendations:
As long as the Weekly Pivot level provides support, long positions should be taken from the level of 1.0696 or 1.0686 with SL below the level of 1.0676 and TP at the level of 1.0736 and 1.0777.
The material has been provided by InstaForex Company - www.instaforex.com
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