General overview for 27/12/2016:
The corrective cycle in wave (4) (blue) continues as the last internal sub-wave unfolds. The projected level for wave e (green) to complete is the intraday support at the level of 122.19 or weekly pivot support at the level of 121.78. Please notice there is still one more wave to the upside missing.
Support/Resistance:
124.07 - WR1
123.20 - Intraday Resistance
122.50 - Weekly Pivot
122.19 - Intraday Support
121.78 - WS1
120.94 - WS2
Trading recommendations:
Due to the fact that there is still one more wave to the upside missing, only buy orders should be placed in this market. TP should be set above the level of 124.08.
