General overview for 04/11/2016:
The price has been trading inside the horizontal zone between the intraday resistance at the level of 114.77 and intraday support at the level of 114.01. It looks like the market might now be trying to develop a more complex ant time-consuming corrective pattern. Otherwise, one more sub-wave to the downside is needed to complete this cycle. Please notice that the 61% Fibo matches the weekly pivot support as well.
Support/Resistance:
116.22 - WR1
114.77 - Intraday Resistance
114.53 - Weekly Pivot
114.13 - 50%fibo
114.01 - Intraday Support
113.77 - 61%Fibo
113.74 - WS1
Trading recommendations:
The sell orders from yesterday should be kept open and TP level should be set at 50% Fibo or at 61% Fibo.
