General overview for 04/11/2016:
The market is trying to break out above the intraday resistance at the level of 1.3433 in order to make another higher high, but the growing bearish divergence between the price and the momentum indicator does not confirm this move. This means the market is about to drop and 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, day traders should consider opening sell orders with SL just above the wave -b- top. TP level should be left open for now.
