General overview for 10/11/2016:
The market is trading inside the triangle pattern that indicates a clear wave b (green) in progress. One more higher high is missing to complete this structure anyway and it will be labeled as a wave (c) (blue). The high for this wave should occur above the high of the wave (a) and a much more precise target will be projected once the triangle structure is terminated.
Support/Resistance:
1.3523 – Intraday Resistance
1.3503 – WR2
1.3433 – WR1
1.3392 – Weekly Pivot
1.3319 – WS1
1.3280 – WS2
1.3265 – Intraday Support
Trading recommendations:
The current market structure is not clear enough to justify trading. Day traders should refrain from placing orders and wait for another trading setup to occur shortly.
The material has been provided by InstaForex Company – www.instaforex.com
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