EURUSD H1 Update

General Overview on 30/07/2013 08:00 CET:

I can not see any impulsive decline from the recent top just yet so the possibility of one more wave to the upside is still open.

Alternate black count on the H4 chart shows a possibility of an Ending Diagonal wave 5 of wave alt:(Y) and a potential wave alt:2 top might be in place but only a price movement below 1.2900 would confirm that scenario.

Price is very close to finish this last wave of a red five waves advance. Projected level is 1.3295 - 1.3316 and then impulsive reversal should follow.

Support/Resistance:

1.3295 - 1.3316 - Wave 5  of X Target

1.3407 - WR2

1.3360 - WR1

1.3289 - 1.3295 - SUPPLY ZONE

1.3247 - Weekly Pivot

1.3200 - WS1

1.3160 - 1.3170 - DEMAND ZONE

1.3089 - WS2

1.3041 - WS3

Trading recommendation:

30/07/2013: Go short from the supply zone area for a great potential SWING TRADE. SL above the wave 2 high (above 1.3425) and TP below wave 1 low (below 1.2750).

SIGNALS:

Forex Signal No.357a|Sell EUR/USD@1.3290|SL:1.3320|TP1:1.3000|TP2: 1.2750|2013.07.30 14:40 CET|SwingSell| IN PLAY

Forex Signal No.357b|Sell EUR/USD@1.3269|SL:1.3320|TP1:1.3000|TP2: 1.2750|2013.07.30 14:40 CET|SwingSell| IN PLAY

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