General overview for 02/11/2016:
The corrective cycle is in progress just as anticipated yesterday. Wave a (purple) of this correction is done, together with wave b (purple). The last wave to the downside is needed to complete the cycle and the projected target level for this wave is 50%Fibo at the level of 114.13 or 61%Fibo at the level of 113.77. Please notice 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
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.
