General overview for 03/10/2016:
The intraday resistance at the level of 114.38 is still the key level for bears as any breakout above this level will be considered as a bullish impulsive wave development to the upside. Currently, the market is trading around the weekly pivot at the level of 113.50, so the sideways price action should be expected for some time. The longer-term bias is still bullish.
Support/Resistance:
112.07 - Technical Support
112.25 - Intraday Support
112.83 - WS1
113.50 - Weekly Pivot
114.38 - Intraday Resistance
114.78 - WR1
115.54 - WR2
Trading recommendations:
Day traders should refrain from trading until a more clearer trading setup occurs.
