General overview for 22/11/2016:
The top for the wave Z (brown) of the (c) (blue) is in place at the level of 1.3588. The bears have broken out below the intraday support and are heading lower for the weekly pivot at the level of 116.99 in order to confirm this scenario. The first projected target for wave c (green) is at the level of 1.3308.
118.47 – WR1
118.41 – Intraday Resistance
117.47 – Intraday Support
116.99 – Weekly Pivot
116.49 – WS1
116.24 – Local Low
The corrective upward wave progression is about to be completed or it has already completed, so this is why daytraders should consider opening only sell orders with tight SL and TP open for now.
The material has been provided by InstaForex Company – www.instaforex.com