General overview for 16/09/2015 08:20 CET
This market has been awaiting the important fundamental news release, the Fed's meeting, and its interest rate decision since the beginning of the last week. A clear distribution pattern is currently in progress and any breakout below the level of 1.3114 will support the bearish outlook. A breakout above the level of 1.3325 will invalidate an impulsive bearish count. It is expected to reach a new high above the level of 1.3352 (it will be the last high in this market anyway).
Support/Resistnace:
1.3399 - WR2
1.3353 - Swing High
1.3334 - WR1
1.3325 - Intraday Resistnace
1.3243 - Weekly Pivot
1.3178 - WS1
1.3152 - Intraday Support
1.3136 - Intraday Support
1.3114 - Technical Support
Trading recommendations:
Daytraders should refrain from trading until one of the levels is violated and more clear pattern will be visible.