General overview for 02/08/2016:
The three wave decline towards the level of 1.3000 had been labeled as wave a green, which means more sideways price action in wave b is being expected.Currently, the market tests the dashed blue trend line from above and if the temporary top for the wave b is in place, then the price should head lower towards the intraday support at the level of 1.03075.
Support/Resistance:
1.3251 - Wave Y Top
1.3190 - Intraday Resistnace
1.3160 - WR1
1.3081 - Weekly Pivot
1.3075 - Intraday Support
1.3000 - Intraday Support
1.2910 - WS1
Trading recommendations:
All sell orders from last week had been closed with profit. Currently the traders should refrain from trading and wait for a better trading setup to occur shortly. Sideways market is being expected for some time.