General overview for 24/10/2016:
The bottom for the wave c (green) might be in place already as the lower parallel channel line has provided support for the price around the level of 112.50. This would mean the market will now try to develop wave (b) to the upside and the first obstacle is the intraday resistance at the level of 113.10. The projected target for this wave might be at the level of 114.05, where the weekly resistance level one and the 78% Fibo might provide resistance for the price. Moreover, please notice the wave (b) might evolve into a more complex and time-consuming pattern.
Support/Resistance:
111.98 - WS1
112.07 - Intraday Support
113.10 - Intraday Resistance
113.14 - Weekly Pivot
114.05 - WR1
115.39 - WR2
Trading recommendations:
Day traders might consider opening buy orders only if the intraday resistance level is clearly violated. The SL should be placed tight (15-20 pips) and TP might be placed at the level of 114.05.
