General overview for 28/07/2016:
The top for the wave Y brown seems to be in place at the level of 1.3251 and now the decline towards the lower levels might start. At this moment it is quite unclear whether the drop will be more impulsive or more corrective in nature, so patience is needed. Nevertheless, the weekly pivot at the level of 1.3090 is the key level to the downside. Any break out below this level will lead to the test of intraday support at the level of 1.3055.
Support/Resistance:
1.3255 - WR1
1.3186 - Intraday Resistance
1.3159 - Intraday Resistance
1.3123 - Intraday Support
1.3090 - Weekly Pivot
1.2998 - WS1
1.2835 - WS2
Trading recommendations:
Traders should consider opening sell orders from the current price levels with SL just above the level of 1.3252. TP is open for now.
