{lang: 'en-US'} EUR/USD H1 Update ~ ElliottFxTrader Blog

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Monday, 26 August 2013

EUR/USD H1 Update

General Overview for 26/08/2013 12:00 CET:
Last impulsive bullish count has been invalidated. it looks like there will be more to the downside in this wave Y of B to finish the correction.
Only a breakout of the golden trend line invalidates the count.
One 2 One measured move level @ 1.3255 is in confuence with 78%Fibo, what makes this level strong support and it is worth to play for intraday scalp.
Support/Resistance on H1:
1.3461 - WR1
1.3451 - Intraday High
1.3413 - 1.3426 - Supply Breakout Zone
1.3307 - WS1
1.3298 - 61%Fibo
1.3259 - 1.3268 - DEMAND ZONE
1.3205 - Swing Low

Trading Recommendations:
Any price below the golden trend line should be sold.
Buying the golden trend line breakout  seems to be a way to trade this pair in case cutrrent outlook is invalidated: If golden trend line is broken, next level is 1.3400
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