General overview for 12/01/2015 09:40 CET
The wave progression to the upside seems to be completed, and the last wave might have been already made missing the target area by 9 pips. However, if the intraday support at the level of 1.1795 will not be violated before the new high is made, then the chances are still high that the orange rectangle target area will be hit, and the market will reverse. This means, this way or another, the corrective decline in wave 4 green might start any time now.
Support/Resistance:
1.1926 - WR1
1.1895 - 1.1912 - Target Zone
1.1887 - Intraday Resistance
1.1829 - Weekly Pivot
1.1795 - Intraday Support
Trading recommendations:
The target zone for wave 5 purple has been established and the daytraders should unload the buy positions in that area. Corrective decline might happen very soon. 1.1926 - WR1
The material has been provided by InstaForex Company - www.instaforex.com
