General overview for 27/10/2016:
The golden trend line had been tested from the bottom and the market has bounced back again into the supply zone. From the Elliott Wave Principle point of view, the current upward wave progression might be an impulsive cycle that can reach the projected target at the level of 114.50. Nevertheless, please, notice the wave (b) might evolve into a more complex and time-consuming pattern if it keeps trading inside of the channel.
Support/Resistance:
111.98 – WS1
113.14 – Weekly Pivot
113.26 – Intraday Support
114.05 – WR1
114.50 – Intraday Resistance
115.39 – WR2
Trading recommendations:
The buy orders from yesterday might be partially closed as the first TP at the level of 114.05 had been hit already. The other part of the trade might be kept open with the TP set at the level of 114.50.
The material has been provided by InstaForex Company – www.instaforex.com
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