General overview for 23/05/2016:
There are some first indications of a possible impulsive wave development to the downside. The current labeling is valid under one condition: the wave 1 is a Leading Diagonal, so wave 4 can not overlaps the level of 1.1355. Moreover, the five wave impulsive sub – structure looks almost completed and the bullish divergence between the price and the oscillator supports the view. Please notice that the current structure still moves inside of the channel and any break out of the channel will determine the future wave progression.
1.1625 – Swing High
1.1381 – Technical Resistance
1.1141 – Technical Support
All swing traders should keep the sell orders open as the price is trading at the key level. Any break out lower will confirm that the bears have control over the market, but the any upside corrective rally can not violate the level of 1.1355.