General Overview for 08/12/2013:
Bullisg wave progression on this pair is almost done and there is one more wave to the upside left (wave 5) to complete the cycle in wave C green of 4 blue circle.
The main level of supprt is 1.7344 but there is nothing wrong with more deeper correction in wave 4 down to 1.7250 area before uptrend resumes.
The shape of the correction is unknown so far, however it is very probable that it could be Triangle shape.
1.7546 – Swing High
1.7344 – Intraday Support
1.7245 – Previous wave four zone
1.7157 – Technical Support
1.7007 – 1.6960 – Technical Support Zone
As long as support level is not broekn the bias is to the upside and dips shpuld be bought in anticipation one wave 5 to the upside. First target is last high, then more.
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