General overview for 12/02/2016:
The choppy and overlapping price action does not really looks too much bullish right now, which is why a temporary sell-off on this pair is anticipated. The market is trading at the golden trend-line support . Any sustained breakout above the level of 1.3978 will be the first clue supporting our bullish bias. The first target level for the sell-off would be intraday support at the level of 1.3782, but it might get extended even lower.
Support/Resistance:
1.3638 - Local Low
1.3666 - WS1
1.3880 - Weekly Pivot
1.3908 - Intraday Support
1.4015 - Intraday Resistance
1.4102 - Technical Resistance
1.4126 - WR1
1.4343 - WR2
Trading recommendations:
Buy orders should be still kept open with the same trade parameter: the SL should be placed at the level of 1.3880 and TP is still the same at the level of 1.4102. Nevertheless, any breakout below the level of 1.3880 would create another opportunity to close buy orders and open sell orders with tight SL and TP at the level of 1.3782.
