General overview for 19/12/2016:
The top for the green wave i looks to be in place, so now the market is in the corrective decline labeled as the green wave ii. The corrective cycle might have been made as a simple abc correction with the low at the level of 1.3320, so now the market should reverse and continue the rally. Otherwise, the corrective cycle might get more complex and time-consuming and evolve into a pattern like a double zig-zag.
Support/Resistance:
1.3503 - WR1
1.3414 - Intraday Resistance
1.3322 - Intraday Support
1.3292 - Weekly Pivot
1.3269 - Intraday Support
1.3167 - WS1
Trading recommendations:
Day traders should consider opening buy orders as long as the weekly pivot is not clearly violated. TP should be left open for now.
