General overview for 25/11/2016:
The projected target level for wave (iii) has been hit and now the market should start to develop the internal corrective cycle labeled as the wave (iv). The projected target for this wave is at the level of 118.47 and the most common pattern of this correction is a triangle. When the correction is completed, one more higher high is anticipated in this market.
Support/Resistance:
120.14 – Intraday Resistance
119.93 – 161% Fibonacci Extension
119.00 – Intraday Support
118.97 – WR2
118.47 – WR1
116.99 – Weekly Pivot
116.49 – WS1
116.24 – Local Low
Trading recommendations:
Day traders should consider opening only buy orders on the dips with tight SL and TP open for now.
The material has been provided by InstaForex Company – www.instaforex.com
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