General overview for 06/12/2016:
Five impulsive waves to the downside from wave 4 top at the level of 1.1300 had been completed and now the market is in the corrective cycle of wave 2. The top for this wave might be projected at the level of 1.0850, which is just above 38%Fibo at 1.0817. Nevertheless, please take into account the fact, that wave 2 might evolve to more complex and time-consuming pattern before eventually resume the downward move.
1.0502 – Swing Low
1.0702 – 23%Fibo
1.0817 – 38%Fibo
1.0850 – Technical Resistance
1.0909 – 50%Fibo
Only sell orders should be open from the orange rectangle zone as there are unfinished waves to the downside*.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.