General overview for 16/11/2016:
The first wave down labeled on the chart as a wave -a- has been done and now the market is in the internal corrective cycle. The top at the level of 1.3589 might be the swing high of a larger time frame (the brown wave Z). If it is, then the uptrend might be reversing, but to confirm this scenario we need a daily close below the level of 1.3290. Otherwise, the pair is expected to trade sideways.
1.3663 – WR1
1.3507 – Intraday Resistance
1.3464 – Weekly Pivot
1.3423 – Intraday Support
1.3378 – WS1
1.3290 – 13312 – Demand Zone
1.3265 – Wave (b) Low
Bearing in mind the good risk/reward ratio supported by the current short-term Elliott wave count, day traders should consider opening sell orders with tight SL and TP open for now.
The material has been provided by InstaForex Company – www.instaforex.com