General overview for 03/11/2016:
The corrective cycle wave c (purple) first projected target was hit (50%Fibo level at 114.13). This level might be now the bottom for the wave (b) (blue), but confirmation is needed. Any break out above the intraday resistance at the level of 114.77 will confirm the bottom is in place. Otherwise one more sub-wave to the downside is needed to complete this cycle. Please notice that the 61% Fibo matches the weekly pivot support as well.
Support/Resistance:
116.22 - WR1
114.77 - Intraday Resistance
114.53 - Weekly Pivot
114.13 - 50%fibo
114.01 - Intraday Support
113.77 - 61%Fibo
113.74 - WS1
Trading recommendations:
The sell orders from yesterday should be kept open and TP level should be set at 50% Fibo or at 61% Fibo.
From www.instaforex.com http://ift.tt/2fkNS8Z
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