General overview for 12/12/2016:
The market has hit the 78%Fibo at the level of 1.3129 and now is trying to test the intraday resistance at the level of 1.3169. The whole downmove is the last part of the big abc correction, so now the market should try to rally higher. To do this, the bulls must break out above the dashed blue channel resistance around the level of 1.3263. A failure there might indicate a further deterioration lower.
Support/Resistance:
1.3061 - WS1
1.3111 - Intraday Support
1.3169 - Intraday Resistance
1.3208 - Weekly Pivot
1.3263 - WR1
1.3412 - WR2
Trading recommendations:
Day traders should consider opening only buy orders with tight SL. Any violation of the level of 1.3169 would indicate a further rally towards 1.3208 first and 1.3263 then.
