General overview for 01/11/2016:
The market has dropped below the golden trend line support and now it is trading below the weekly pivot. The decline looks impulsive in nature and might unfold into a full five wave sell-off. The first target is the demand zone marked as the gray rectangle between the levels of 1.3290 - 1.3312, but the decline might be stronger. In that case, the next support is seen at the level of 1.3225.
Support/Resistance:
1.3433 - Intraday Resistance
1.3379 - Weekly Pivot
1.3352 - Intraday Support
1.3325 - WS1
1.3290 - 13312 - Demand Zone
1.3281 - Wave -a- Low
1.3225 - WS1
Trading recommendations:
If the top for the wave -b- is now in place, day traders should consider opening sell orders with SL just above the wave -b- top. TP level should be left open for now.
