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Global macro overview for 21/12/2016

General overview for 21/12/2016:

The intraday bounce toward the weekly pivot at the level of 123.01 has failed. Bulls have managed to retrace almost 61% of the downswing and it looks like the market is evolving to a more complex and time-consuming corrective pattern like the triangle. Any breakout below the intraday support at the level of 121.66 will lead to the immediate test of the wave a low at the level of 120.89.

Support/Resistance:

124.43 - WR1

124.07 - Technical Resistance

123.01 - Weekly Pivot

122.79 - intraday Resistance

121.66 - Intraday Support

121.93 - WS1

120.52 - WS2

Trading recommendations:

Daytraders should consider opening sell orders only if the intraday support at the level of 121.66 is clearly violated. TP should be set at the level of 120.89.

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The material has been provided by InstaForex Company - www.instaforex.com