General overview for 1003/2016:
The current count is evolving towards the complex WXYXXZ correction. The downside risk is greater than the upside one as there is uncompleted sub-waves in the last stage of the correction. As this kind of corrective cycle can consume more time than a simple corrective cycle, be prepared for more fake breakouts, choppy trading conditions and low volatility in this market.
Support/Resistance:
1.3733 - WR3
1.3661 - WR2
1.3498 - Technical Resistance
1.3461 - WR1
1.3396 - Weekly Pivot
1.3372 - Intraday Resistance
1.3228 - 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 recommend to place buy orders again when the corrective structure is completed.
