General overview for 02/12/2016:
The bottom for the wave c (green) moved a little lower to the level of 1.3286. That means the wave a (blue) has been completed as well. The level of 1.3355 is now acting as an intraday resistance, so if the count is correct, the market will move higher towards the golden trend line resistance around the level of 1.3500. A possible wave (b) is developing, so this structure might get complex and time-consuming.
Support/Resistance:
1.3588 – Local High
1.3583 – WR1
1.3482 – Weekly Pivot
1.3429 – WS1
1.3355 – Intraday Resistance
1.3323 – WS2
1.3286 – Intraday Support
Trading recommendations:
As the corrective cycle is still unfolding, daytraders should open only sell deals around the level of 1.3482 as there is incomplete wave progression to the downside. The first TP should be set at the level of 1.3233.
The material has been provided by InstaForex Company – www.instaforex.com
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