General overview for 31/03/2016:
The impulsive wave progression to the upside is about to be terminated. There is one more wave to the upside and then a corrective structure should unfold. If the market breaks below the intraday support at the level of 126.95, bears will be in control over this market.
Support/Resistance:
127.81 - Intraday Resistance
127.42 - WR1
127.09 - 127.26 - Supply Zone
126.95 - Intraday Support
126.04 - Weekly Pivot
125.54 - WS1
124.67 - Local Low
124.18 - WS2
123.69 - WS3
123.07 - Green Impulsive Cycle Invalidation Level
Trading recommendations:
Day traders should put trailing stop loss orders on long positions from the 123.00 area that is still in play and wait for the market's reaction at the supply zone. Any breakout higher might be another impulsive wave development towards the level of 128.18.
