The corrective cycle in wave (2) has not been finished and now it is going to be more complex and time consuming. To confirm the bottom in this cycle, the market must breakout above the level of 1.1210, otherwise the correction will continue. The first projected target for wave a green is at the level of 1.1051 and then choppy corrective rebound is anticipated in wave b green. Then the final corrective wave c green to the downside is expected.
Support/Resistance:
1.0995 – WS3
1.1012 – WS2
1.1051 – Wave a Target
1.1070 – 1.1080 – Demand Zone
1.1110 – Intraday Resistance
1.1154 – WS1
1.1211 – Weekly Pivot
Trading recommendations:
As long as the price stays below the level of 1.1110 only sell orders should be opened with the potential TP at the level of 1.1051 and below.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 09/10/2014 10:30 CET
The corrective cycle in wave (2) has not been finished and now it is going to be more complex and time consuming. To confirm the bottom in this cycle, the market must breakout above the level of 1.1210, otherwise the correction will continue. The first projected target for wave a green is at the level of 1.1051 and then choppy corrective rebound is anticipated in wave b green. Then the final corrective wave c green to the downside is expected.
Support/Resistance:
1.0995 – WS3
1.1012 – WS2
1.1051 – Wave a Target
1.1070 – 1.1080 – Demand Zone
1.1110 – Intraday Resistance
1.1154 – WS1
1.1211 – Weekly Pivot
Trading recommendations:
As long as the price stays below the level of 1.1110 only sell orders should be opened with the potential TP at the level of 1.1051 and below.
The material has been provided by InstaForex Company – www.instaforex.com
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