General overview for 23/09/2016:
The market has completed the wave iii of the overall impulsive structure and now the counter-trend corrective move in wave iv is in progress. Nevertheless, it does not look like the downward wave progression is now completed as there are still sub-waves missing. The intraday bias is still to the downside.
Support/Resistance:
1.3252 - Intraday Resistance
1.3178 - Weekly Pivot
1.3124 - Intraday Support
1.3106 - WS1
1.3000 - Technical Support
1.2962 - WS2
Trading recommendations:
Day traders should close the sell orders with profit at the level of 1.3030. Currently, day traders should refrain from trading and wait for another trading setup to occur shortly.
