General overview for 17/08/2016:
The market has bottomed at the level of 1.2798 and now the counter-trend corrective cycle in the form of a triangle might be in progress. When this corrective cycle is completed, then one more wave to the downside is expected before any meaningful bounce will happen.
Support/Resistant:
1.2798 - Intraday Support
1.2822 - WS1
1.2894 - Intraday Resistance
1.3006 - Weekly Pivot
1.3091 - WR1
Trading recommendations:
The buy orders from yesterday should now be closed as the TP level had been hit. Currently day traders should refrain from trading and wait for the corrective cycle to complete before entering any transaction.
