General overview for 02/10/2013 08:30 CET

Overlaping price action and lack of impulsive wave development might suggest that alternate count could be in charge IF the low of the wave (i) OR A green is taken out.

The level of 131.62 is very important for overall wave progression and important support levels, so please keep an eye on that level.

The Expanding Leading Diagonal might be invalidated if the price breaks out to the downside, below the 131.62 level, because this would be first clue that alternate count is in charge here.

Next support level for this pair is at 131.00 (green triangle line support) and then 129.91 level (technical support).

Support/Resistance:

129.91 - Technical Support

131.00 - Green trend line support

131.62 - 131.74 - Techncial Support Zone

132.32 - Intraday Resistance

132.48 - Weekly Pivot

Trading recommendations:

If 132.61 is broken to the downside, further short positions should be in play. Entry should be on a TEST MOVE FROM THE DOWNSIDE as close as possible to the 132.61 level with tigh SL. Potential TP levels are 131.00 and 129.91.