General overview for 30/03/2016:
The alternative count with the truncated wave V turned out to be the correct one, and a deep and sudden correction followed break-out of the 1.3140 level. Currently, the corrective cycle looks like a zig-zag pattern which is typical for wave 2. Please notice that any break-out below the 1.2923 level will invalidate the bullish impulsive count.
Support/Resistance:
1.3495 - WR2
1.3416 - WR1
1.3217 - Weekly Pivot
1.3140 - WS1
1.3130 - Intraday Resistance
1.3017 - Intraday Support
1.2944 - WS2
Trading recommendations:
The buy orders are now closed as the trailing stop loss level has been reached. For now, traders should refrain from trading and wait for another setup.