General overview for 16/12/2016:
The top for the wave b (green) seems to be in place at the level of 124.07 and now the market should decline lower towards the weekly pivot at the level of 121.38. This scenario is confirmed when the golden trend line and intraday support at the level of 122.56 are both clearly violated.
124.07 – Intraday Resistance
122.56 – Intraday Support
121.38 – Weekly Pivot
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 124.07. TP should be set at the level of 122.91 and below.
The material has been provided by InstaForex Company – www.instaforex.com