General overview for 05/10/2016:
The wave (2) have evolved into a more complex and time-consuming structure that has been labeled as (a) (b)(c) pattern with a top at the level of 1.3215. When this corrective cycle is completed, the wave (3) to the downside should start. The longer-term bias is bearish and one more wave to the downside should be expected in this pair.
Support/Resistance:
1.2910 - WS2
1.3000 - Technical Support
1.3028 - 1.3048 - Demand Zone
1.3066 - Intraday Support
1.3144 - Weekly Pivot
1.3215 - Intraday Resistance
1.3241 - WR1
1.3261 - 1.3281 - Supply Zone
Trading recommendations:
Day traders should refrain from trading until a clearer trading setup occurs.
