General overview for 17/06/2016:
The five-wave impulsive structure has been completed and now the market is in corrective cycle. The current internal wave progression indicates a three-wave down zig-zag structure to develop shortly. The projected target for wave c of this correction is at the level of 1.2800. When the corrective structure is completed, then the uptrend should resume.
Support/Resistance:
1.2614 - WS1
1.2654 - Wave X Low
1.2800 - Weekly Pivot
1.2876 - Intraday Support
1.2940 - WR1
1.2982 - Intraday Resistance
1.3083 - Intraday Resistance
1.3122 - WR2
Trading recommendations:
All swing traders should get ready to close their long-term sell orders as the market is approaching a possible reversal zone.
