General overview for 12/09/2016:
The quite strong rebound in this pair has reached the level of 78%Fibo and had been labeled as a complex corrective structure. Please notice, that any violation of the level of 1.3147 will result in immediate invalidation of the current count, especially wave a purple will not be labeled as the impulsive structure, but more possibly as a zig-zag pattern. Moreover, the growing bearish divergence is still supporting the main count.
Support/Resistance:
1.3155 - WR1
1.3147 - Intraday Resistance
1.3077 - 78%Fibo
1.2994 - Weekly Pivot
1.2935 - WS1
Trading recommendations:
Day traders should consider to refrain from trading for now and wait for a better trading setup to occur shortly.
