General overview for 19/02/2016:
As anticipated yesterday, a rebound to the upside in an impulsive fashion has been made overnight and bulls are trying to regain the control. The current intraday count looks a little bit bullish as the wave (c) blue has not been developed yet. In case of a breakout below the level of 1.3637, the alternative count will be in play. From a bigger time frame view: the corrective cycle from a top of 1.4687 is still in progress, but it is evolved into a complex corrective structure. Within that structure, there is a missing wave Y brown to the downside.
Support/Resistance:
1.3637 - Local Low|Intraday Support|
1.3648 - WS2
1.3746 - WS1
1.3880 - Weekly Pivot
1.3911 - Intraday Resistance
1.3972 - WR1
1.4014 - Technical Resistance
1.4108 - WR2
Trading recommendations:
Buying on dips is a proper way to trade on this market as an uptrend is still in play. The corrective cycle is violating the support levels, but the most important support at the level of 1.3637 has not been broken yet. Bulls are still in control in the market, but no confirmation of a bullish reversal has been received yet.
