General overview for 20/05/2016:
The wave iii of the wave (iii) is still in progress as the projected target has not been hit yet. For the internal sub-wave development the invalidation line is at the level of 1.2988; so as long as this level is not broken the market should rally higher towards the level of 1.3218.
Support/Resistance:
1.3161 - WR2
1.3148 - Intraday Resistance
1.3065 - WR1
1.3014 - Intraday Support
1.2918 - Weekly Pivot
1.2821 - WS1
1.2757 - Technical Support
Trading recommendations:
Day traders should set TP for all open buy orders this week at the level of 1.3218 and trail SL accordingly. The impulsive structure is about to complete.