General overview for 10/11/2016:
The market is trading inside the triangle pattern that indicates a clear wave b (green) in progress. One more higher high is missing to complete this structure anyway and it will be labeled as a wave (c) (blue). The high for this wave should occur above the high of the wave (a) and a much more precise target will be projected once the triangle structure is terminated.
Support/Resistance:
1.3523 - Intraday Resistance
1.3503 - WR2
1.3433 - WR1
1.3392 - Weekly Pivot
1.3319 - WS1
1.3280 - WS2
1.3265 - Intraday Support
Trading recommendations:
The current market structure is not clear enough to justify trading. Day traders should refrain from placing orders and wait for another trading setup to occur shortly.
