General overview for 10/06/2016:
The technical support is still preventing the price to rally higher towards the level of 1.2800. Once this level is violated, the market will enter the neutral zone as the growing bullish divergence between the price and momentum oscillator supports the view that an upside rally is the next possible wave development. The first confirmation comes with the intraday resistance at the level of 1.2721 breakout
Support/Resistance:
1.2653 - Intraday Support
1.2678 - 1.2700 - Projected Target For Wave X
1.2721 - Intraday Resistance
1.2825 - WS1
1.2984 - Weekly Pivot
1.3054 - WR1
1.3188 - Wave (i) High
1.3210 - WR2
Trading recommendations:
Day traders should keep an eye on the level of 1.2460 and place all SL orders for buy orders just below this level. The market is still in the corrective cycle, but buying the dips is the way to trade it now.
