General overview for 27/06/2016:
The impulsive wave to the upside is developing as anticipated before with the top of wave iii at the level of 1.3097. Currently, the market is in a corrective cycle with wave iv/a already completed. Nevertheless, this internal correction might evolve into a more complex and time-consuming cycle, for example, a triangle formation. Moreover, any violation of the level of 1.28000 will invalidate the impulsive wave progression.
Support/Resistance:
1.3097 - Intraday Resistance
1.2960 - Weekly Pivot
1.2900 - Wave iv Low
1.2858 - Intraday Support
1.2800 - Wave i Top | Invalidation Level |
Trading recommendations:
All buy orders from the last week might be kept open as long as the level of 1.2800 is not clearly violated. New buy orders should be added between the levels of 1.2900 - 1.3097.