General overview for 31/10/2016:
The anticipated target zone between the levels of 115.37 - 115.48 had been almost hit and it looks like the top of the wave c (purple) is now in place. To confirm this scenario the market would have to go below the wave -iv- low at the level of 114.57 and even clearly break out below the level of 114.53 (weekly pivot). The growing bearish divergence between the price and the momentum oscillator supports the bearish view.
Support/Resistance:
115.37 - 115.48 - Fibonacci Confluence Zone
114.57 - Intraday Support
114.53 - Weekly Pivot
113.74 - WS1
Trading recommendations:
If the top for the wave (b) is now in place, the day traders should consider opening sell orders with SL just above the wave (b) top. TP level should be left open for now.
