General overview for 01/12/2016:
The market is now developing wave -v- of the wave (iii) (green). The first projected target for this wave is at the level of 122.07, but it might extend higher. When the impulsive cycle in wave (iii) (green) is completed, a larger correction in wave (iv) (green) is anticipated. No signs of any kind of a trend reversal yet.
Support/Resistance:
122.07 – WR2
121.55 – Intraday Resistnace
121.16 – WR1
120.82 – Intraday Support
119.23 – Weekly Pivot
118.32 – WS1
116.37 – WS2
Trading recommendations:
The TP at the level of 121.16 has been hit and all buy orders should be closed with profit. Currently, the daytraders should refrain from trading and wait for a better trading setup to occur shortly.
The material has been provided by InstaForex Company – www.instaforex.com
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