General overview for 04/09/2015 11:00 CET
The latest bullish count labeling did not do well as the new low had been reached before wave b green unfold. So, let's just take a look at a higher cycle labeling to indicate a possible target for the recent market decrease. The 61%Fibo support is seen at the level of 131.92, 66%Fibo support is seen at the level of 131.09 and both of this levels correspond to the 1-to-1 geometry range ( orange rectangle). This zone might be then the target for wave C and a possible upside rebound form the zone is currently expected.
131.92 – 61%Fibo
131.09 – 66%Fibo
131.75 – Technical Support
Swingtraders should close their sell orders in the support zone between the levels of 131.92 and 131.09.
The material has been provided by InstaForex Company – www.instaforex.com