General overview for 17/05/2016:
The current corrective structure might be evolving into a more complex pattern as the top for the wave (b) green has been established at the level of 1.2960. An impulsive breakout above this top must occur to invalidate the complex pattern that is now unfolding. The projected target for the wave (c) green is again near the technical support at the level of 1.2757, but it might extend even lower towards the level of 1.2675.
Support/Resistance:
1.3160 - WR2
1.3065 - WR1
1.3014 - Technical Resistance
1.2918 - Weekly Pivot
1.2872 - Intraday Resistance
1.2821 - WS1
1.2757 - Technical Support
Trading recommendations:
Day traders should consider buying at the dips in this market with SL below the level of 1.2757 and TP open for now, because we expect an impulsive wave progression to the upside to continue in the near term.
