General overview for 26/02/2016:
A top for the wave X brown had been established and the market moved to the downside as anticipated. The triangle idea had been invalidated as a new low has been reached below the wave W brown bottom at the level of 1.3637. In a longer time frame, a corrective cycle from a top of 1.4687 is still in progress, but it has evolved a complex corrective structure. Within that structure, there is a missing Y brown wave pointing to the downside.
Support/Resistance:
1.3516 - Intraday Support
1.3527 - WS2
1.3637 - Intraday Resistance
1.3656 - WS1
1.3784 - Weekly Pivot
1.3916 - WR1
1.4041 - WR2
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.
