General overview for 05/08/2016:
For the second time the market has tested the intraday support at the level of 1.3000 and still this support is not clearly violated. However, the market is still trading below the weekly pivot at the level of 1.3081 and below the dashed intraday trend line as well. This indicates, that another wave down is being developed just as per Elliott wave count. The projected target for this wave is at the level of 1.2900.
Support/Resistance:
1.3251 - Wave Y Top
1.3190 - Intraday Resistance
1.3160 - WR1
1.3141 - Intraday Resistance
1.3081 - Weekly Pivot
1.3075 - Intraday Support
1.3000 - Intraday Support
1.2910 - WS1
Trading recommendations:
All sell orders from last week had been closed with profit. Currently the traders should refrain from trading and wait for a better trading setup to occur shortly. Sideways market is being expected for some time.
