General overview for 10/01/2017:
The market keeps trading inside of the congestion zone between the intraday support at the level of 1.3177 and intraday resistnace at the level of 1.3266. The growing bullish divergence between the price and momentum oscillator indicates a stronger bounce towards the 50%Fibo at the level of 1.3390. Nevertheless, the most important zone for bulls is the gray rectangular area between the levels of 1.3437 - 1.3460. Only a sustained breakout above this zone in the impulsive fashion will confirm the wave 3 is in progress and new high will be made in this market.
Support/Resistance:
1.3101 - WS1
1.3177 - Intraday Support
1.3266 - Intraday Resistance
1.3280 - Weekly Pivot
1.3383 - WR1
1.3350 - 50%Fibo
1.3437 - 61%Fibo
1.3460 - Technical Resistance
Trading recommendations:
Daytraders should consider opening buy orders only if the level of 1.3266 is clearly violated. If the low for the wave 2 or (b) is in place then the price should target the level of 1.3383.
