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Thursday, 20 June 2013

EUR/USD M30 CFD VSA Update

Intraday overview:
There is still a possible new high if we consider the alternate count, that indicates the (a)(b)(c) wave 4 Irregular Flat correction - the price is now in ending stages of wave v of wave (c).

From VSA point of view the most important confirmation of further wekness to come is Yao Ming bar on volume that indicates high selling. This was hinted way before due to a wekness in the backgroud in EURUSD.

Key Area for bulls is 1.3175 - 1.3195 zone that has the higer  possible rate of reversal as this is previous wave 4 area as well.

Support/Resistance:

1.3422 - Swing high
1.3321 - Weekly Pivot

1.3284 - Resistance/Triangle Low Level
1.3246 - WS1
1.3175 - 1.3195 - Technical Support and previous wave 4 area
1.3108 - WS2
1.3036 - WS3.

Trading recomendation:
If this 1.3422 is top of wave 2 then short the rally into  1.3321 area with targets of 1.30108 up to 1.3036. Any sustained move  above this level puts the count into question, and break of 1.3422 would invalidate the count.


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