General overview for 01/08/2016:
As anticipated last week, an impulsive wave progression to the downside is currently unfolding after the top for the wave Y brown had been established at the level 1.3251. Currently, the market is trading in counter-trend corrective cycle that is looking like a wave iv of the cycle, so one more wave to the downside is needed to complete the structure.
Support/Resistance:
1.3251 - Wave Y Top
1.3160 - WR1
1.3081 - Weekly Pivot
1.3073 - Intraday Resistance
1.3000 - Intraday Support
1.2910 - WS1
Trading recommendations:
All sell orders from the last week should now place the SL just above the level of 1.3071 and adjust it accordingly to the price move.
