General overview for 21/10/2016:
The downward wave progression unfolded as anticipated yesterday and now the next target for wave c (purple) is at the level of the recent swing low at 112.07. Please notice the growing bullish divergence between the price and the momentum oscillator supports the view, that this wave down might be the last one in the sequence.
Support/Resistance:
116.49 – WR2
115.43 – WR1
114.62 – Weekly Pivot
114.00 – Intraday Resistance
113.46 – WS1
113.11 – Intraday Resistance
112.74 – WS2
112.07 – Intraday Support
Trading recommendations:
All the sell orders should now be closed as the TP at the level of 112.97 has been hit. Day traders should refrain from trading and wait for another setup to occur shortly.
The material has been provided by InstaForex Company – www.instaforex.com
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