General overview for 03/12/2013 07:10 CET

Price has made another overnight high and it seems it is going to hit 140.00 round number level before any meaningfull reversal will happen. The targets from H4 time frame are slighty higher however.

The Bearish Divergence is visible on H1 and H4 time frame and right now the overall progression is lacking momentum, however as long as Supply Breakthrough Zone is not broken, the possible top is still NOT CONFIRMED and price can extend further upward.

Support/Resistance:

141.52 - WR2

141.01 - 140.78 - TARGET ZONE FOR WAVE 5

140.60 - WR1

140.00 - Round number resistance

139.68 - Intraday support

139.02 - 138.80 - Supply breakthrough zone

Trading Recommendations:

As long as price is moving inside the golden channel long side of the market should be in play for intraday scalp positions. SL below 139.65 and TP1 @ 140.78 and TP2 @ 141.00