General overview for 02/03/2016:
The wave a of the overall corrective structure in wave (c) blue had been made and now the market is in a corrective cycle in wave b purple. The projected target for wave be is at the level of 1.3480. When reached, the market should reverse and make a new low. The projected target for wave c of the wave (c) blue is at the level of 1.3350.
Support/Resistance:
1.3957 - WR2
1.3706 - WR1
1.3605 - Weekly Pivot
1.3480 - Intraday Resistance
1.3386 - Intraday Support
1.3350 - WS1
Trading recommendations:
Day traders should refrain from trading and wait for a better trading setup to occur in the near term. We will open buy orders again when the corrective structure is completed.
