General overview for 18/02/2016:
Not much change in this pair is observed as the market trades very slowly in a thigh range. The intraday support level has been tested three times already. In case of a breakout, the next intraday support is seen at the level of 125.76. The market is still treading inside the bearish zone, but the current count in the bigger time frames still indicates a possible upward wave progression as a low for the wave B cycle seems to be in place. This would mean the market still needs to make one more wave to the upside, big-cycle wave C blue, to complete the bigger-time-frame corrective cycle.
Support/Resistance:
125.02 - WS1
126.61 - Intraday Support
125.73 - Local Low
127.98 - Weekly Pivot
128.26 - Intraday Resistance
130.13 - WR1
133.09 - WR2
Trading recommendations:
Day traders should refrain from trading and wait for a better trading setup to occur in the nearest term.
