General overview for 05/07/2016:
As anticipated yesterday, the corrective cycle in wave (ii) had made another marginal lower low and now it might look like the whole correction is completed. Breakout above the intraday resistance at the level of 1.2927 will confirm the bottom of the wave (ii) at the level of 1.2830. Please notice, that the level of 1.2676 is the line in the sand for the impulsive structure and it can not be violated.
Support/Resistance:
1.2676 - Invalidation Level
1.2698 - WS2
1.2788 - WS1
1.2830 - Intraday Support
1.2927 - Intraday Resistance
1.2952 - Weekly Pivot
1.3045 - WR1
1.3118 - Wave (i) Top
Trading recommendations:
Day traders should consider opening buy orders at the level of 1.2788, with SL below the level of 1.2676 and TP open for now. The reason for this trade is that the market should rebound and the uptrend should continue soon.
