General overview for 21/10/2016:
The current upward wave progression is a part of a corrective cycle wave X and, according to the main count, it might even be completed. The most important level for today is the supply zone between the levels of 1.3290 – 1.3312. Only a sustained breakout above this level would change the overall outlook to more bullish. Nevertheless, there are still some uncompleted waves to the downside.
Support/Resistance:
1.3022 – WS1
1.3169 – Weekly Pivot
1.3236 – WR1
1.3185 – Intraday Resistance
1.3139 – Intraday Support
1.3028 – 1.3045 – Demand Zone
Trading recommendations:
All sell orders shouls now be closed with profit and day traders should refrain from trading and wait for another trading setup to occur shortly.
The material has been provided by InstaForex Company – www.instaforex.com
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