General overview for 27/10/2016:
The market has tested the local high at the level of 1.3397, but bulls were not strong enough to break out above the top so far. The sudden decline towards the demand zone has been labeled as the wave -a- (black) of the overall corrective structure. This recent high might be labeled as wave -b- (black). There is still wave c (black) missing from the overall correction. The projected target for wave c (black) has been raised to the level of 1.3250, just below the weekly pivot at the level of 1.3255.
Support/Resistance:
1.3397 – Wave a Top
1.3290 – 1.3311 – Demand Zone
1.3255 – Weekly Pivot
1.3157 – WS1
Trading recommendations:
Day traders might again consider opening the sell orders with SL just above the recent swing high and TP at the level of 1.3255.
The material has been provided by InstaForex Company – www.instaforex.com
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