General overview for 01/03/2016:
The projected target levels for wave (b) blue has not been hit so far and the market is starting to reverse lower sooner than expected. Any clear breakout below the intraday support at the level of 1.3480 will confirm this scenario. In a longer time frame, a corrective cycle from a top of 1.4687 is still in progress, but it has evolved into a complex corrective structure. Within that structure, there is a missing Y brown wave pointing to the downside.
Support/Resistance:
1.3957 – WR2
1.3706 – WR1
1.3605 – Weekly Pivot
1.3587 – Intraday Resistance
1.3480 – Intraday Support
1.3350 – WS1
Trading recommendations:
Day traders should refrain from trading and wait for a better trading setup to occur in the near term. We will open buy orders again when the corrective structure is completed.
Origin: Instaforex
