General overview for 09/12/2016:
The market is most likely in a reversal zone now, just above the 78% Fibo at the level of 1.3129. The downside might be limited now, but the price must break out above the blue channel and then head towards the weekly pivot at the level of 1.3342. Please pay attention that the bullish divergence between the price and momentum oscillator supports the bullish view.
Support/Resistance:
1.3129 - 78%Fibo
1.3235 - Intraday Resistance
1.3342 - Weekly Pivot
1.3431 - WR1
1.3464 - Wave b High
Trading recommendations:
Day traders should open buy orders only if the level of 1.3235 is clearly violated. Otherwise, the sideways price action does not justify any trade for now.
