General overview for 28/10/2016:
The level of 114.50 has been violated as anticipated and now it is going to act as an intraday support for the price. The market is trading around the 61%Fibo at the level of 114.87, but it looks like the target for the wave c (purple) might extend higher towards the level of 115.48 before this wave is terminated. In that case the wave (b) (blue) will be labeled as an abc Zig-Zag pattern, so the next wave structure should develop to the downside.
Support/Resistance:
111.98 - WS1
113.14 - Weekly Pivot
114.05 - WR1
114.50 - Intraday Support
114.87 - 61%Fibo
115.48 - 78%Fibo
115.39 - WR2
Trading recommendations:
All buy orders should now be closed with profit and traders should wait for another trading setup to occur shortly.
From www.instaforex.com http://ift.tt/2eLLjNN
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