General overview for 23/03/2016:
The market is still trading inside of a very tight range, just below the weekly pivot and inside the bearish zone. The last leg of the corrective cycle in wave Z brown might have been completed at the level of 1.2924, but without confirmation. To confirm the bottom is in place, the market should break above the intraday resistance at the level of 1.3166 and enter the neutral zone in an impulsive fashion.
1.3020 - Intraday Support
1.3026 - Technical Support
1.3098 - Weekly Pivot
1.3166 - Intraday Resistance
1.3270 - WR1
Day traders should refrain from trading and wait for a better trading setup to occur in the near term. We recommend placing buy orders again when the corrective structure is completed. In this particular case it would mean a clear break-out above the level of 1.3166, ideally with a daily candle close above it.