General overview for 07/06/2016:
The corrective cycle in wave (ii) retraced deeper than previously anticipated as the wave v is now rather close to the key zone between the levels of 1.2772 - 1.2754. Any breakout below this zone will invalidate the green bullish impulsive count. On the other hand, only a clear, impulsive breakout above the wave (i) top at the level of 1.3188 will confirm the bottom for wave (ii) is in place, and the market is developing wave (iii) to the upside.
Support/Resistance:
1.2825 - WS1
1.2772 - Green Count Invalidation Level
1.2910 - Intraday Resistance
1.2984 - Weekly Pivot
1.3054 - WR1
1.3074 - Intraday Resistance
1.3188 - Wave (i) High
1.3210 - WR2
Trading recommendations:
Day traders should keep an eye on the level of 1.2772 and place all SL orders for buy orders just below this level. The market is still in the corrective cycle, but buying the dips is the way to trade it now.
