General overview for 05/12/2016:
The intraday resistance at the level of 1.3356 is the key level to the upside. If this level is not clearly violated, the market will be trading sideways between the weekly pivot at the level of 1.3342 and intraday support at the level of 1.3255. Please pay attention that the bullish divergence between the price and momentum oscillator supports the bullish view.
Support/Resistance:
1.3255 - Intraday Support
1.3342 - Weekly Pivot
1.3356 - Intraday Resistance
1.3431 - WR1
1.3464 - Wave b High
Trading recommendations:
Day traders should open buy orders only if the level of 1.3356 is clearly violated. Otherwise, the sideways price action do not justify engaging in any trade for now.
