General overview for 08/03/2016:
The previous analysis of this pair can be found here.
The market had completed the five wave impulsive structure to the upside at the level of 4.1576 and currently the corrective sub-cycle is in progress. The wave a and wave b of this cycle has been made and now there is one more wave to the downside to complete the overall cycle. The projected target for wave c of the wave 2 is at the level of 3.8333 if the structure will evolve into a simple abc running flat correction. On the other hand, any breakout lower will be a first clue that the market might evolve into more complex and time consuming corrective cycle in wave 2. This scenario ( alternative) is valid as long as the level of 3.5269 is not violated.
4.1576 – Swing High
4.0592 – Technical Resistance
4.0050 – Round Number Resistance
3.8857 – Local Low
3.8333 – Projected Wave c Target
As long as the demand area around the level of 3.8000 provides the support the bulls are still in control of this market and only buy orders should be placed ( limit or stop).