General overview for 29/12/2016:

The projected target for green wave (v) at the level of 1.3588 has been hit overnight and now the market is unfolding internal corrective structure. Moreover, the alternative scenario is indicating that the recent impulsive wave progression was the last swing up in the blue wave alt.(b) and now this longer-term cycle might have been completed as well. Any rally above the intraday resistance at the level of 1.3600 will invalidate this alternative scenario.

Support/Resistance:

1.3588 – Swing High

1.3475 – Intraday Support

1.3483 – Weekly Pivot

1.3412 – WS1

1.3244 – WS2

Trading recommendations:

Take profit level set above the at1.3588 had been hit and now all buy orders should be closed with profit. Day traders should now refrain from trading and wait for another trading setup to occur shortly.

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The material has been provided by InstaForex Company – www.instaforex.com