General overview for 21/12/2016:
The intraday bounce toward the weekly pivot at the level of 123.01 has failed. Bulls have managed to retrace almost 61% of the downswing and it looks like the market is evolving to a more complex and time-consuming corrective pattern like the triangle. Any breakout below the intraday support at the level of 121.66 will lead to the immediate test of the wave a low at the level of 120.89.
Support/Resistance:
124.43 - WR1
124.07 - Technical Resistance
123.01 - Weekly Pivot
122.79 - intraday Resistance
121.66 - Intraday Support
121.93 - WS1
120.52 - WS2
Trading recommendations:
Daytraders should consider opening sell orders only if the intraday support at the level of 121.66 is clearly violated. TP should be set at the level of 120.89.
From www.instaforex.com http://ift.tt/2hbLV41
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