EUR/USD H1

General Overview for 18/09/2014:
The impulsive wave progression is developing as anticipated some time ago. Currently it looks like after the extended fifth wave of a wave 3 green, it is a time for a corrective bounce in wave 4 green. The target levels for this correction are at the levels of 1.2972 – 12994 ( basically 1.3000 round number level) and if this one is broken and corrective cycle will become more complex – 1.3111.


Support/Resistance:
1.2819 – WS2
1.2833 – Swing Low
1.2906 – WS1
1.2944 – Weekly Pivot
1.2972 – 1.2994 – Demand Breakthrough Zone

Trading recommendations:
Please wait for the corrective cycle to complete and enter SELL orders in the direction of the trend of the larger degree.

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