General overview for 17-09-2013 09:30 CET

It looks like the red rectangle area of weekend GAP has been closed as it was mentioned yesterday.

The black channel is an acceleration channel for an alternate count, so if this count is right one, then the price should not break above it. The confluence of levels for black channel, GAP and Weekly Pivot is 1.03364. Only this level breakout would expose Intraday Supply for a test and maybe even golden descending trendline.

On the other hand, the Intraday Support level of 1.0304 should hold, otherwise the price might test the recent lows.

Support/Resistance:

1.0255 - WS1

1.0281 - Intraday Low

1.0304 - Intraday Support

1.0336 - Weekly Pivot

1.0350 - Wave b high

1.0359 - WR1

1.0366 - Intraday Supply

Trading recommendations:

Higher time frame count is a Triangle and bias is to the upside as long as no new low is made. For intraday scalps:

- long entry for a break out of 1.0336 with tight SL and TP at 1.0360

-short entry for a break out of 1.0304 with tight SL and TP at 1.0281