General overview for 07/12/2016:
The market is slowly trading inside a trading range between the levels of 1.3225 and 1.3356. The downside seems to be limited now as the price can not break out of the dashed blue channel in an impulsive fashion. Please pay attention that the bullish divergence between the price and momentum oscillator supports the bullish view.
Support/Resistance:
1.3235 - 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 does not justify any trade for now.
