General overview for 01/09/2016:
The clear bearish divergence supports the view, that the top is in place and now a correction should develop. This means the recent rally might be either wave 3 of the bullish progression or wave c purple of a more complex and time-consuming corrective cycle of a higher degree. Any violation of the intraday support at the level of 1.2965 will invalidate the impulsive bullish scenario.
Support/Resistance:
1.2777 – WS2
1.2831 – Wave 2/b Bottom
1.2907 – WS1
1.2958 – Weekly Pivot
1.3032 – 61%Fibo
1.3045 – Intraday Support
1.3088 – WR1
1.3144 – Intraday Resistance
1.3139 – WR2
Trading recommendations:
All buy orders recommended last week should now move their SL to the level of 1.3087 and leave TP still open.
The material has been provided by InstaForex Company – www.instaforex.com
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