General overview for 18/11/2016:
The top for the wave Z (brown) will get invalidated if the price violates the level of 1.3589. The dynamic rebound of the market from the level of 1.3398 might suggest wave b (green) is in progress (or it is done), but to confirm this scenario, the price must break out below the gray rectangle zone between the levels of 1.3496 - 1.3507. Otherwise, another leg upward is quite possible.
Support/Resistance:
1.3663 - WR1
1.3507 - Intraday Resistance
1.3464 - Weekly Pivot
1.3398 - Intraday Support
1.3378 - WS1
1.3290 - 13312 - Demand Zone
1.3265 - Wave (b) Low
Trading recommendations:
Bearing in mind the good risk/reward ratio supported by the current short-term Elliott wave count, day traders should consider opening sell orders with tight SL and TP open for now.
From www.instaforex.com http://ift.tt/2gmHjY0
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