General overview for 15/09/2016:
One more interesting pattern to mention might be spotted at hourly time frame: a possible triangle structure as per alternative count. This pattern is almost completed and only one more sub-wave e purple is needed to complete it. This means that the wave (b) might still be in progress. No key level has been clearly violated, so both of the scenarios are equally valid right now. The key level to the upside is at a local swing high at the level of 116. 36 and the key level to the downside is at the level of 113.81.
Support/Resistance:
112.82 – WS1
114.65 – Intraday Support
115.15 – Weekly Pivot
115.47 – Intraday Support
115.94 – Intraday Resistance
116.36 – Local High
116.52 – WR1
Trading recommendations:
Day traders should consider moving the SL in all the buy orders up to the level of 115.45 and still keep the TP open.
The material has been provided by InstaForex Company – www.instaforex.com
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