General overview for 12/09/2016:
The quite strong rebound in this pair has reached the level of 78%Fibo and had been labeled as a complex corrective structure. Please notice, that any violation of the level of 1.3147 will result in immediate invalidation of the current count, especially wave a purple will not be labeled as the impulsive structure, but more possibly as a zig-zag pattern. Moreover, the growing bearish divergence is still supporting the main count.
Support/Resistance:
1.3155 – WR1
1.3147 – Intraday Resistance
1.3077 – 78%Fibo
1.2994 – Weekly Pivot
1.2935 – WS1
Trading recommendations:
Day traders should consider to refrain from trading for now and wait for a better trading setup to occur shortly.
The material has been provided by InstaForex Company – www.instaforex.com
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