General overview for 01/09/2016:
The new higher high was made yesterday and it is labeled as the top of the wave iii. Currently, the possibility of a corrective cycle is still high as the market is developing the triangle pattern. Nevertheless, please notice that any break out below the intraday support at the level of 115.01 will decrease the chances for an upside rally.
Support/Resistance:
115.43 – Intraday Resistance
115.10 – WR2
115.01 – Intraday Support
114.73 – WR1
114.03 – Intraday Support
113.76 – Weekly Pivot
113.58 – Invalidation Level
113.37 – WS1
112.41 – WS2
Trading recommendations:
All buy orders recommended last week should now move their SL to the level of 115.01 and leave TP still open. It is a good level to book profits or modify the order to trail the stop loss with a 20-pips range.
The material has been provided by InstaForex Company – www.instaforex.com
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