General overview for 15/12/2016:
The bottom for the wave (4) (blue) at the level of 120.89 seems to be too short in price and time to act as a completed wave (4) low. The sharp rebound from this level is currently unfolding, but so far only three waves have been done. This is why the current wave progression to the upside still looks like a corrective bounce in the form of a zig-zag pattern, than a regular impulsive wave progression. Nevertheless, to confirm this scenario, the price must break out below the level of 122.91.
124.00 – Intraday Resistance
122.93 – Intraday Support
121.38 – Weekly Pivot
120.89 – Intraday Support
119.40 – WS1
118,71 – Technical Support
The top for the wave b (green) might be soon in place, so day traders should consider opening only sell orders with SL just above the level of 124.00. TP should be set at the level of 122.91 and below.
The material has been provided by InstaForex Company – www.instaforex.com