General overview for 12/04/2016:
The market still trades inside a possible triangle pattern which is typical for wave (b) correction. It looks like wave e of the whole structure might be completed soon and then a downward breakout should happen. Please note that the corrective cycle might evolve into a less complex and time-consuming pattern, especially if the intraday resistance at the level of 124.24 is clearly violated. For now, however, sideways price action below the weekly pivot is expected.
Support/Resistance:
122.53 - Intraday Support
124.11 - Weekly Pivot
124.24 - Intraday Resistance
125.66 - WR1
Trading recommendations:
Traders should sell the triangle pattern area with SL above the level of 124.24 and TP at the lows of the triangle pattern around the level of 122.50.
The material has been provided by InstaForex Company - www.instaforex.com