General overview for 28/12/2016:
The corrective cycle in green wave (iv) might have been completed a little sooner than anticipated, mainly due to the end of the year flows. Nevertheless, there is still a very high chance that the triangle pattern is unfolding in this wave. The projected level for green wave (iv) to complete is the intraday support at the level of 1.3475 or weekly pivot support at the level of 1.3412. Please notice there is still one more wave to the upside missing - wave (v) (green). The projected target for this wave is at the level of 1.3588.
Support/Resistance:
1.3588 - Swing High
1.3557 - Intraday Support
1.3483 - Weekly Pivot
1.3412 - WS1
1.3244 - WS2
Trading recommendations:
Due to the fact that there is still one more wave to the upside missing, only buy orders should be placed in this market. TP should be set above the level of 1.3588.
