General overview for 07/11/2016:
As anticipated yesterday, the market is now in a corrective cycle labeled as the wave 4 (purple). This means the whole structure from the low at the level of 114.01 might be considered impulsive, so the invalidation level is at the top of the purple wave 1 at the level of 114.71. Thus, any violation of this level will invalidate the bullish impulsive count. The triangle structure for the purple wave 4 is currently in progress as well, so the intraday horizontal price action is being expected.
Support/Resistance:
115.88 - Intraday Resistance
115.77 - WR1
115.29 - Intraday Support
114.89 - Weekly Pivot
114.71 - Invalidation Level
114.12 - WS1
113.22 - WS2
Trading recommendations:
The impulsive structure does not look completed yet, so day traders should consider opening buy orders with SL set just below the level of 114.71.
