General overview for 10/01/2017:
The impulsive wave progression labeled as the wave 1 had been completed at the level of 0.9357 and now the market is in the corrective cycle. This cycle might have been completed in form of an Irregular Flat pattern with the bottom at the 50%Fibo of the previous swing up at the level of 0.8298. There are first indications of a possible impulsive wave development since then, but please bear in mind, that this might be only a part of a more complex wave B in progress. Any impulsive break out above the green zone will result in an immediate test of the recent swing highs. Please notice the market keeps making higher highs and higher lows and is trading above all moving averages. No signs of any trend reversal yet.
Support/Resistance:
0.9357 – Wave 1 Top
0.9000 – 0.8900 – Important Resistnace Zone
0.8298 – Wave 2 Bottom
Trading recommendations:
As there are no signs of any trend reversal just yet, only buy orders should be placed in this makret as long as the level of 0.8295 is not violated*.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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