General overview for 24.05.2016:
There is almost a classical impulsive wave development at the intraday time frame on this pair.
The impulsive wave progression to the upside hasn’t been completed yet as there is at least one more wave to the upside missing. The current projected target is zone between the levels of 0.9952 – 0.9975. When this zone is hit, then larger degree corrective cycle should develop, possibly in the shape of a triangle pattern. Please notice, that any violation of the level of 0.9761 will invalidate the impulsive scenario.
0.9443 – Swing Low
0.9692 – WS2
0.9813 – WS1
0.9866 – Weekly Pivot
0.9952 – 0.9975 – Projected Target Zone for Wave (v) of Wave 3
All bulls should consider to partially close the buy orders due to the corrective cycle of a higher degree coming soon. Nevertheless, as long as the level of 0.9761 is not violated, buying the dips is the way to trade this market now.