General overview for 02/09/2016:

The corrective structure is wave 4 purple might be in progress now. Moreover, the clear bearish divergence supports the view, that the top is in place and now a correction should develop. This means the recent rally might be either wave 3 of the bullish progression or wave c purple of a more complex and time-consuming corrective cycle of a higher degree. Any violation of the intraday support at the level of 1.2965 will invalidate the impulsive bullish scenario.

Support/Resistance:

1.2777 – WS2

1.2831 – Wave 2/b Bottom

1.2907 – WS1

1.2958 – Weekly Pivot

1.3032 – 61%Fibo

1.3045 – Intraday Support

1.3088 – WR1

1.3144 – Intraday Resistance

1.3139 – WR2

Trading recommendations:

All buy orders recommended last week should now move their SL to the level of 1.3087 and leave TP still open.

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The material has been provided by InstaForex Company – www.instaforex.com

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