This is new feed for Volume Spread Analysys that have come from Infinity
Futures Ltd and I hope it is a rather very good data provider.
General Outlook:
Anyway, there are two main scenatios for EURUSD now, and the difference
is in placement of possible ent of wave (2) that is either finished OR
latest leg down is a wave (b) of (a)(b)(c) Irregular Flat:
SCENARIO 1: Main on H4 TF – Impulsive bearish wave progression continues wirh wave (1) and (2) done already and the price is in the first staged of making wave (3)
SCENARIO 2: Alternate H1 TF – Wave (2) has not been finished yet and recent leg down is abc of wave (b) of larger cycle Irregular Flat Wave (2) correction. To confirm this outlook , price must go above 1.3000 level and then break the Weekly Pivot level as well.
Support/Resistance:
1.2984 – Swing Low
1.3041 – Weekly Pivot
1.3087 – 23%Fbo
1.3097 – WR1
1.3101 -1.3111 – 38%Fibo/Agressive Sell Area /Previous wave Four Area/WR1
1.3206 – WR2
1.3251 – 1.3265 – WR3/Key Resistance Area/ Clessic Sell Area
Trading Recommendation:
Buying is preffered only if channel is broken and previous wave 4 area with round nuber 1.3000 is broken and tested as well. Otherwise go with the flow and sell this area.
Seb
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