General overview for 05/09/2016:
A clear three wave up move to the level of 1.3147 has been labeled as the wave a green and the previous impulsive count has been invalidated. Since then, the market has moved lower towards the next technical support and broke below it. Currently, five waves to the downside in the latest move have almost been completed and the next wave development should be wave b purple progression to the upside. Please notice, the golden trend line will still be providing dynamic support around the level of 1.2900 level.
Support/Resistance:
1.3191 - WR2
1.3147 - Technical Resistance
1.3069 - WR1
1.3025 - Weekly Pivot
1.2982 - Intraday Resistance
1.2903 - WS1
1.2859 - WS2
Trading recommendations:
The main part of the move down has been already done, so day traders should refrain from trading and wait for a better trading setup to occur shortly.
