General overview for 15/11/2013 CET

The high of last swing has been taken out and price has hit the 127%Fibo Expansion level at 1.0525 and reversed. This kind of price action does not support the good momentum impulsive wave development point of view, but on H4 time frame alternate count has been labeled. It indicates a bullish 1-2, (i)-(ii),i-ii wave progression ,and this would mean price is about to sharply jump higer. Lack of this kind of developments lead traders bace to main count, that indicates wave B green is still not finished and all the current developments are just some kind of more complex and time consuming wave progression. The downside cycle of wave Y brown has not been finished yet at all and according to this labeling it is still possible for levels of 1.0370 to be hit in near future before upward trend will resume.

H1 - Main Count with alternate

H4 - Alternate bullish scenario of 1-2,(i)-(ii),i-ii wave progression

Support/Resistance:

1.0426 - WS1

1.0438 - 1.0444 - DEMAND ZONE

1.0460 - Intraday Support

1.0466 - Weekly Pivot

1.0485 - Intraday Resistance

1.0506 - Key Intraday Level

1.0525 - Swing High

1.0536 - WR1

Trading recommendations:

In anticipation of a downside larger time frame cycle resumption in wave Y short positions should be in play from 1.0505 level with SL above 1.0525 with open TP so far ( swing trade).