General overview for 23/09/2016:
The market has completed the wave iii of the overall impulsive structure and now the counter-trend corrective move in wave iv is in progress. Nevertheless, it does not look like the downward wave progression is now completed as there are still sub-waves missing. The intraday bias is still to the downside.
1.3252 – Intraday Resistance
1.3178 – Weekly Pivot
1.3124 – Intraday Support
1.3106 – WS1
1.3000 – Technical Support
1.2962 – WS2
Day traders should close the sell orders with profit at the level of 1.3030. Currently, day traders should refrain from trading and wait for another trading setup to occur shortly.
The material has been provided by InstaForex Company – www.instaforex.com