General overview for 11/11/2016:
The alternative impulsive count to the downside have been invalidated due to wave one and wave two overlaps. Currently, the labeling has been changed to abc (green), so it indicates a possible three wave decline towards the level of 113.70 and beyond. However, bears must break out below the golden trend line first and test the weekly pivot at the level of 114.89. The growing bearish divergence between the price and the momentum oscillator supports the view.
Support/Resistance:
116.60 – Intraday Resistance
115.77 – WR1
114.89 – Weekly Pivot
114.12 – WS1
113.70 – Intraday Support
113.22 – WS2
Trading recommendations:
Day traders should consider opening only sell orders with SL just above the recent local high at the level of 116.60. TP should be set open for now.
The material has been provided by InstaForex Company – www.instaforex.com
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