General overview for 16/02/2016:
The level of 1.3782 has been marginally broken, but there is no extension to the downside so far. There is still a possibility however that a breakout below this level might extend the C purple wave down to the next support at 1.3637. Nevertheless, the abc purple corrections looks completed and the market might reverse any time now. To confirm this bullish progression to the upside, the price should break out above the golden trend line at least.
Support/Resistance:
1.3637 - Local Low
1.3648 - WS2
1.3746 - WS1
1.3782 - Intraday Resistance
1.3873 - Intraday Resistance
1.3880 - Weekly Pivot
1.3972 - WR1
1.4014 - Technical Resistance
1.4108 - WR2
Trading recommendations:
Buying on dips in this market is a proper way to trade as the uptrend is still in play. The corrective cycle is violating the support levels, but the most important support at the level of 1.3637 hasn't been broken yet. Bulls are still in control in this market, but no confirmation of a bullish reversal has been recieved yet.
