General overview for 31/10/2016:
The market is trading just above the weekly pivot at the level of 1.3379, but the growing bearish divergence between the price and the momentum oscillator strongly suggests the top is in place already, and the price should drop below the golden trend line any time soon. 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, the day traders should consider opening sell orders with SL just above the wave -b- top. TP level should be left open for now.
