General overview for 11/01/2016:
(the previous analysis of this pair might be seen here)
The impulsive wave progression to the upside has not been completed yet as there
is missing wave 5 blue to the upside. The projected level for wave 5 blue termination
is at the level of 4.1770. Nevertheless, the most important sub-cycle zone is the orange
area between the levels of 3.9291 – 3.9119 as any violation of this zone might lead to
bullish count invalidation.
4.1770 – Wave 5 Target Projection
4.0592 – Alternative Count Invalidation Level
3.9673 – Technical Support
3.9291 – 3.9119 – Internal Sub-Cycle Invalidation Level
3.8238 – Bullish Count Invalidation Level
Swingtraders should keep the buy orders still open as there is at least one more high above
the level of 4.0592 coming any time soon.
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