General overview for 17/11/2016:
The intraday resistance at the level of 1.3507 has capped the price just as expected. The top of the wave -b- is now in place, so the market is trying to develop another down wave in order to complete the wave -c- of the overall cycle. The demand zone between the levels of 1.3290 - 1.3312 is the first logical target for wave -c-.
Support/Resistance:
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
Trading recommendations:
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.
