General overview for 13/12/2016:
The corrective cycle continues with top for the wave b (green) in place. Currently, the market is trading just below the gray supply zone, but still above the golden trend line, so it might attack the recent high at the level of 123.34 any time now. Please notice, that this is wave four in progress, so the correction might evolve to a more complex and time-consuming pattern like a triangle. Sideways price action between the level of 123.34 and 120.89 is expected for now until the correction is completed.
Support/Resistance:
123.34 - Intraday Resistance
121.93 - Intraday Support
121.38 - Weekly Pivot
120.89 - Intraday Support
119.40 - WS1
118,71 - Technical Support
Trading recommendations:
Day traders should consider opening only sell orders with SL just above the level of 123.34. TP Should be set at the bottom of the range.
