General overview for 02/09/2016:
The corrective structure is wave 4 purple might be in progress now. Moreover, the clear bearish divergence supports the view, that the top is in place and now a correction should develop. This means the recent rally might be either wave 3 of the bullish progression or wave c purple of a more complex and time-consuming corrective cycle of a higher degree. Any violation of the intraday support at the level of 1.2965 will invalidate the impulsive bullish scenario.
Support/Resistance:
1.2777 - WS2
1.2831 - Wave 2/b Bottom
1.2907 - WS1
1.2958 - Weekly Pivot
1.3032 - 61%Fibo
1.3045 - Intraday Support
1.3088 - WR1
1.3144 - Intraday Resistance
1.3139 - WR2
Trading recommendations:
All buy orders recommended last week should now move their SL to the level of 1.3087 and leave TP still open.
