General overview for 11/07/2016:
The main impulsive count is still developing, according to the current labeling. The first two impulsive waves, labeled as wave (i) and wave i, are just a part of a much bigger upward wave that will eventually be labeled as wave (iii). Currently, the market is still trading inside a golden channel, but a breakout higher above the level of 1.3118 is expected. The first target is seen at the level of 1.3175.
Support/Resistance:
1.3175 - WR1
1.3118 - Wave (i) Top
1.3089 - Intraday Resistance
1.3018 - Intraday Support
1.3002 - Weekly Pivot
1.2918 - WS1
1.2876 - Technical Support
1.2829 - Invalidation Level
Trading recommendations:
All buy orders from the last week should be still kept open as another wave to the upside is being anticipated.
