General overview for 22/08/2016:
Bulls have managed to move the price up to the golden trend line resistance around the level of 1.2930, which is in line with 38%Fibo retrenchment of the previous swing down. This is why the price is now at the key level. According to the count, the market should now break out in an impulsive fashion towards the next resistance at the level of 1.2982.
Support/Resistance:
1.2655 - Count Invalidation Level
1.2664 - WS2
1.2764 - Intraday Support
1.2778 - WS1
1.2976 - Weekly Pivot
1.2926 - Intraday Resistance
1.2930 - 38%Fibo
1.2982 - 50% Fibo
1.2988 - WR1
1.3088 - WR2
Trading recommendations:
Day traders should consider opening buy orders on the dips during the corrective cycle, ideally around the weekly pivot zone. The SL should be placed below the level of 1.2764 and TP should be placed at the level of 1.2982.
