General overview for 23/11/2016:
Bulls have managed to retrace 50% of the previous move down and now the market is declining to the intraday support at the level of 1.3378. This is why the intraday support is the key level for daytraders as any breakout below it will confirm the wave c (green) is in progress. The projected target zone for the wave c (green) is the demand zone between the levels of 1.3290 and 1.3312.
Support/Resistance:
1.3596 – WR1
1.3566 – Intraday Resistance
1.3497 – Weekly Pivot
1.3419 – WS1
1.3378 – Intraday Support
1.3308 – WS2
Trading recommendations:
The corrective upward wave progression is about to be completed, so this is why daytraders should consider opening only sell orders with tight SL and TP open for now.
The material has been provided by InstaForex Company – www.instaforex.com
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