General overview for 27/04/2016:
The market might terminate the wave 2 correction sooner than expected and enter the bullish zone in an impulsive manner. Wave 1 purple with the top at the level of 125.95 looks impulsive and might be the first wave of the upcoming wave 3 purple. In that case, a strong, impulsive move to the upside is anticipated. Nevertheless, please notice, that the bearish divergence and the Fibo zone between the levels of 61.8% – 66.7% do not currently support the impulsive upward rally scenario.
Support/Resistance:
121.71 – Local Low
123.36 – Bearish Zone Level
123.79 – Projected Target for Wave 2
124.68 – Intraday Support
124.52 – Weekly Pivot
125.73 – 61%Fibo
125.95 – Intraday Resistance
Trading recommendations:
Traders should now stay aside from the market and wait for the next trading setup to occur shortly.
The material has been provided by InstaForex Company – www.instaforex.com
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