General overview for 04/07/2016:
The market is still trying to evolve into more complex and time-consuming corrective pattern. The impulsive bearish scenario, however, expects the bulls to rally as high as the level of triple resistance: WR1, 61%Fibo and technical resistance, all market as the grey rectangle on the chart. Moreover, the impulsive wave should develop very quickly as soon as this level is tested and rejected. In, however, the market moves higher and breaks the pre-Brexit top at the level of 1.1428, then this scenario is invalidated ( highly unlikely). Projected downside targets are around the level of EUR/USD parity.
Support/Resistance:
1.0900 – WS2
1.0907 – Invalidation Level
1.1018 – WS1
1.1024 – Wave b Projected Target
1.1106 – Weekly Pivot
1.1169 – Intraday Resistance
1.1232 – WR1
1.1228 – 61%Fibo
1.1254 – 66.7Fibo
1.1298 – WR2
Trading recommendations:
Swing sell orders should be still kept open as there is still uncompleted downside wave progression. Nevertheless, the market might still take its time and make the waiting period rather painfull. Patience is needed in order to trade in this market*.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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