General overview for 28/09/2016:
The golden trend line is still providing the dynamic support for the price on the intraday time frame, but now it is only a matter of time when this support will be violated. The bottom for the wave v of the wave (c) has been established at 1.3000, and now the market is in the corrective upward cycle. The next local high at 1.3275 has been labeled as the top for the wave X, but the growing bearish divergence supports the downside outlook, at least within the intraday time frame. Weekly pivot at 1.3145 seems to be the key level for bears.
Support/Resistance:
1.3253 – Intraday Resistance (Invalidation Level)
1.3191 – Intraday Support
1.3145 – Weekly Pivot
1.3041 – WS1
1.3000 – Technical Support
1.2901 – WS2
Trading recommendations:
Day traders should consider opening sell orders from the current price levels with SL just above the level of 1.3275. TP should be left open for now.
The material has been provided by InstaForex Company – www.instaforex.com
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