General overview for 03/01/2017:
The wave a (green) of the corrective cycle looks to be completed with a low at the level of 1.3387. The 38%Fibo at the level of 1.3400 has just been tested and might act as an important intraday support. In a case of a further corrective extension to the downside, the next supports are seen at the levels of 1.3340 and 1.3278.The longer-term outlook remains bullish unless the technical support at the level of 1.03080 is clearly violated.
Support/Resistance:
1.3666 - WR2
1.3598 - Wave 1 Top
1.3539 - WR1
1.3470 - Weekly Pivot
1.3459 - Intraday Resistance
1.3400 - 38%Fibo
1.3387 - Intraday Support
1.3340 - 50%Fibo
1.3278 - 61%Fibo
Trading recommendations:
Daytraders should still consider buying the dips in this market as the upward wave progression is uncompleted.