General overview for 01/09/2016:

The new higher high was made yesterday and it is labeled as the top of the wave iii. Currently, the possibility of a corrective cycle is still high as the market is developing the triangle pattern. Nevertheless, please notice that any break out below the intraday support at the level of 115.01 will decrease the chances for an upside rally.

Support/Resistance:

115.43 – Intraday Resistance

115.10 – WR2

115.01 – Intraday Support

114.73 – WR1

114.03 – Intraday Support

113.76 – Weekly Pivot

113.58 – Invalidation Level

113.37 – WS1

112.41 – WS2

Trading recommendations:

All buy orders recommended last week should now move their SL to the level of 115.01 and leave TP still open. It is a good level to book profits or modify the order to trail the stop loss with a 20-pips range.

analytics57c7f60b05177.jpg

The material has been provided by InstaForex Company – www.instaforex.com

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