General overview for 28/10/2016:
The level of 114.50 has been violated as anticipated and now it is going to act as an intraday support for the price. The market is trading around the 61%Fibo at the level of 114.87, but it looks like the target for the wave c (purple) might extend higher towards the level of 115.48 before this wave is terminated. In that case the wave (b) (blue) will be labeled as an abc Zig-Zag pattern, so the next wave structure should develop to the downside.
Support/Resistance:
111.98 – WS1
113.14 – Weekly Pivot
114.05 – WR1
114.50 – Intraday Support
114.87 – 61%Fibo
115.48 – 78%Fibo
115.39 – WR2
Trading recommendations:
All buy orders should now be closed with profit and traders should wait for another trading setup to occur shortly.
The material has been provided by InstaForex Company – www.instaforex.com
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