General overview for 30/05/2016:
The impulsive wave progression to the upside labeled as wave i black might be the first one in the sequence of a bigger cycle wave (iii) green. The invalidation line for this cycle is still at the level of 1.2836, a border of the bearish zone. Currently, the market is in the corrective cycle wave ii black that should terminate around the level of 1.2996 and rebound upward again. The final confirmation of the bullish impulsive wave development comes with a new high above the level of 1.3190.
Support/Resistance:
1.3190 - Wave (i) High
1.3164 - WR1
1.3094 - 1.3081 - Intraday Resistance Zone
1.3035 - Weekly Pivot
1.2997 - Intraday Support
1.2888 - WS1
1.2836 - Green Impulsive Count Invalidation Level
1.2761 - WS2
Trading recommendations
All buy orders should be still kept open as the impulsive structure to the upside might still unfold anytime. Currently, the market is in the corrective cycle, so additional buy limit orders might be set within the buying zone between the levels of 1.3094 - 1.2997. The SL orders should be placed below the level of 1.2836.
