General overview for 02/12/2016:
The impulsive cycle in wave (iii) (green) is completed, so now a larger correction in wave (iv) (green) is anticipated. The pattern anticipated in wave four is a triangle, but the correction might evolve into more complex structure. No signs of any kind of a trend reversal yet as there is still one more wave of a higher degree to be completed before the current impulsive wave progression is terminated.
Support/Resistance:
122.07 – WR2
121.90 – Intraday Resistance
121.16 – WR1
120.82 – Intraday Support
119.23 – Weekly Pivot
118.32 – WS1
116.37 – WS2
Trading recommendations:
The TP at the level of 121.16 has been hit and all buy orders should be closed with profit. Currently, the daytraders should refrain from trading and wait for a better trading setup to occur shortly.
The material has been provided by InstaForex Company – www.instaforex.com
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