General overview for 31/05/2016:
The abc corrective cycle in wave ii might have been completed and now the market might try to breakout above the wave i top at the level of 1.3094 to continue to develop wave (iii) green. The invalidation line for this cycle is still at the level of 1.2836, a border of the bearish zone. The final confirmation of the bullish impulsive wave development comes with a new high above the level of 1.3190.
Support/Resistance:
1.3190 - Wave (i) High
1.3164 - WR1
1.3094 - 1.3081 - Intraday Resistance Zone
1.3035 - Weekly Pivot
1.2997 - Intraday Support
1.2888 - WS1
1.2836 - Green Impulsive Count Invalidation Level
1.2761 - WS2
Trading recommendations
All buy orders should be still kept open as the impulsive structure to the upside might still unfold anytime. Currently, the market is in the corrective cycle, so additional buy limit orders might be set within the buying zone between the levels of 1.3094 - 1.2997. The SL orders should be placed below the level of 1.2836.
