General overview for 07/03/2016:
The wave (c) is still in progress as a new local low has been made recently. Nevertheless, a bullish divergence, which is being formed between the momentum oscillator and price, indicates a possible trend reversal. To confirm this scenario, the price must break out above the level of 1.3498 and head up towards the upper boundary of the neutral zone at the level of 1.3661.
Support/Resistance:
1.3733 - WR3
1.3661 - WR2
1.3498 - Technical Resistance
1.3461 - WR1
1.3396 - Weekly Pivot
1.3370 - Intraday Resistance
1.3315 - Intraday Support
1.3188 - 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.
