General overview for 07/10/2016:
The impulsive count has been invalidated due to the wave one and wave two overlaps. Currently, the market has entered the supply zone between the levels of 1.3261 - 1.3281 and this is the line in the sand for bears.The market is still in a corrective cycle and the overall bias hasn't changed: when this corrective cycle is completed, the wave (3) to the downside should start. The longer-term bias is bearish and one more wave to the downside should be expected in this pair.
Support/Resistance:
1.2910 - WS2
1.3000 - Technical Support
1.3028 - 1.3048 - Demand Zone
1.3066 - Intraday Support
1.3144 - Weekly Pivot
1.3233 - Intraday Suport
1.3241 - WR1
1.3261 - 1.3281 - Supply Zone
Trading recommendations:
Day traders should refrain from trading until a clearer trading setup occurs.
