General overview for 10/04/2015 12:45 CET
The Elliott wave development for this pair might suggest another possible pattern labeled here as waves ABC black that represents completed form of a corrective cycle in wave 2 black (or A blue). The next sub-wave development looks like an impulsive wave progression to the downside that had started with a leading diagonal and hasn't finished yet. Currently, the market is in the last stage of this wave progression and the projected target is at the level of 126.89.
Support/Resistance:
126.89 - First Target Projection
127.62 - WS2
128.24 - Intraday Resistance
129.39 - WS1
Trading recommendations:
Now, all sellers should keep eye on the level of 126.89 as a target for all sell orders because a market bounce/reversal is expected from there.
The material has been provided by InstaForex Company - www.instaforex.com
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