General overview for 10/03/2016:
The leading diagonal triangle in the black wave 1 had been completed sooner than expected, so the downward wave progression from 125.56 high was labeled as the wave 2. Currently, the market is still trading inside the neutral zone, but the first attempts of the impulsive bullish wave development are visible. The bulls need the break out above the intraday resistance at 125.56 to continue the rally towards the 126.90 level. Only a sustained violation of the 123.08 level will invalidate the bullish impulsive scenario.
Support/Resistance:
127.99 – WR2
126.90 – WR1
125.55 – Intraday Resistance
124.48 – Weekly Pivot
124.25 – Intraday Support
123.41 – WS1
123.09 – Intraday Support
122.06 – Swing Low
Trading recommendations:
Day traders should open buy orders from the current price levels with SL below 123.08 and TP at 126.09 min.
The material has been provided by InstaForex Company – www.instaforex.com
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