General overview for 27/08/2013 09:45

The pair has developed a downside wave as it was indicated yesteday. Currently, trading is going on in the grey rectangle zone, which is crucial for further wave development.

A break of the lower level of Supply Breakthrough Zone at 130.83 will make a test of the golden channel line possible. The 161%Fibo Extension and WS1 may provide some support for the price but the overall picture will be determined when the price gets there.

A break out of the 130.28 level and closing H1 below it will testify the bearish mood and open the way to the lower demand area at 129.26 - 129.41.

On the other hand, only a break of technical resistance at 131.24 will invalidate the view.

Support/Resistance:

132.41 - Swing High

131.87 - Key level

131.57 - 131.62 - Intraday Supply

131.42 - Weekly Pivot

131.24 - Technical Resistance

130.83 - 131.03 - Supply Breakthrough Zone

130.45 - WS1 | Golden TL Support |

130.28 - Technical Support

Trading recommendations:

For those of you who have short positions opened from the 131.87 level it is worth to notice that the golden trendline support level of 130.45 will be a good place to close the deals.