General overview for 06/09/2016:
The five waves to the downside in the latest move have been completed. The next wave development should be wave b purple progression to the upside. Please notice, the golden trend line has been slightly violated, but it will still be providing dynamic support/resistance around the level of 1.2900 level. The clearly visible bullish divergence between the price and momentum oscillator supports the view.
Support/Resistance:
1.3191 - WR2
1.3147 - Technical Resistance
1.3069 - WR1
1.3025 - Weekly Pivot
1.2982 - Intraday Resistance
1.2903 - WS1
1.2859 - WS2
Trading recommendations:
The main part of the move down has been already done, so day traders should refrain from trading and wait for a better trading setup to occur shortly.
