General overview for 14/12/2016:
The new impulsive count has been presented in an hourly time frame due to the lack of any progress to the upside (as indicated by the old labeling). Currently, the market is developing the corrective cycle in wave 4 (blue) and one more low is being expected. After the wave 5 (blue) is completed, the market should move to the upside in a corrective manner. 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 decline.
Support/Resistance:
1.3061 - WS1
1.3101 - 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.
