General overview for 1003/2016:
The current count is evolving towards the complex WXYXXZ correction. The downside risk is greater than the upside one as there is uncompleted sub-waves in the last stage of the correction. As this kind of corrective cycle can consume more time than a simple corrective cycle, be prepared for more fake breakouts, choppy trading conditions and low volatility in this market.
1.3733 – WR3
1.3661 – WR2
1.3498 – Technical Resistance
1.3461 – WR1
1.3396 – Weekly Pivot
1.3372 – Intraday Resistance
1.3228 – Intraday Support
1.3188 – WS1
Day traders should refrain from trading and wait for a better trading setup to occur in the near term. We recommend to place buy orders again when the corrective structure is completed.
The material has been provided by InstaForex Company – www.instaforex.com
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