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Wednesday, 3 July 2013

EUR/USD M10, M30, H1 & H4 Update

This is new feed for Volume Spread Analysys that have come from Infinity Futures Ltd and I hope it is a rather very good data provider.

General Outlook:
Anyway, there are two main scenatios for EURUSD now, and the difference is in placement of possible ent of wave (2) that is either finished OR latest leg down is a wave (b) of (a)(b)(c) Irregular Flat:
SCENARIO 1: Main on H4 TF - Impulsive bearish wave progression continues wirh wave (1) and (2) done already and the price is in the first staged of making wave (3)
SCENARIO 2: Alternate H1 TF - Wave (2) has not been finished yet and recent leg down is abc of wave (b) of larger cycle Irregular Flat Wave (2) correction. To confirm this outlook , price must go above 1.3000 level and then break the Weekly Pivot level as well.

Support/Resistance:

1.2984 -  Swing Low
1.3041 - Weekly Pivot
1.3087 - 23%Fbo
1.3097 - WR1
1.3101 -1.3111 - 38%Fibo/Agressive Sell Area /Previous wave Four Area/WR1
1.3206 - WR2
1.3251 - 1.3265 - WR3/Key Resistance Area/ Clessic Sell Area

Trading Recommendation:

Buying is preffered only if channel is broken and previous wave 4 area with round nuber 1.3000 is broken and tested as well. Otherwise go with the flow and sell this area.

Seb

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