General overview for 01/06/2016:
The market made another marginal higher high after the bottom for wave ii had been reached. Nevertheless, the top of wave (i) at the level of 1.3190 still hasn't been violated. This kind of price action might suggest the corrective cycle in wave ii is still not completed, and it might evolve into a more complex and time-consuming structure. The invalidation line for this cycle is still at the level of 1.2910. The final confirmation of the bullish impulsive wave development comes with a new high above the level of 1.3190.
Support/Resistance:
1.3190 - Wave (i) High
1.3164 - WR1
1.3132 - Intraday Resistance
1.3035 - Weekly Pivot
1.2997 - Intraday Support
1.2888 - WS1
1.2836 - Green Impulsive Count Invalidation Level
1.2761 - WS2
Trading recommendations
All buy orders should be still kept open as the impulsive structure to the upside might still unfold anytime. Currently, the market is in the corrective cycle, so additional buy limit orders might be set within the buying zone between the levels of 1.3094 - 1.2997. The SL orders should be placed below the level of 1.2836.
