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Thursday, 20 November 2014

EUR/USD H1



General Overview for 20/11/2014: 11:30 CET

The wave development is still in a corrective cycle and there is really no need to trade this pair right now as the cycle appears to be rather complex and time consuming cycle. The suggested wave progression inside of the blue channel is clearly corrective and the golden trending is still providing a resistance. The question remaining whether the gap zone will be filled or not in the near future but the wave count clearly indicates the possibility of a farther upward wave progression up to the 1.2834 - 12936 zone. The current bias is:
SHORT-TERM   Neutral to Slightly Bullish (corrective)
MID-TERM        Neutral to Slightly Bullish (To complete the corrective cycle)
LONG-TERM     Bearish (new lows)

Support/Resistance:
1.2652 - 1.2692 - GAP ZONE
1.2645 - WR2
1.2600 - Local Swing High
1.2594 - WR1
1.2548 - Intraday Resistance
1.2489 - Weekly Pivot
1.2443 - WS1
1.2358 - Local Swing Low

Trading Recommendations:
Stay away until corrective cycle i completed, confirmed and downtrend resume,


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