General overview for 09/01/2017:
There is an interesting, text book example pattern at the 4H time frame in this pair. The Leading Diagonal Triangle pattern has been labeled as the main scenario for the current wave development – wave (1). The alternative scenario is indicating a more bearish wave development to the downside in form of 1-2, (1)-(2), 1-2 wave progression. For this count, the invalidation line is at the level of 1.0648, so if this level is violated, then the alternative purple count is invalidated and the corrective structure in wave (2) will extend to the upside with the firs target at the level of 1.0850.
Support/Resistance:
1.03375 – Swing Low
1.0648 – Blue Impulsive Count Invalidation Level
1.0850 – Technical Resistance
Trading recommendations:
The last wave in the impulsive sequence is now being developing. There are no immediate signs regarding a trend reverse, so all swing sell orders still should be kept open. Moreover, the daytraders should pay attention to the level of 1,0648 – break out above would mean a deeper corrective bounce to the upside*.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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