General overview for 13/07/2016:
The impulsive upward count has been invalidated after wave one and wave four overlaps. The alternative labeling has been applied to incorporate the latest price developments. This last labeling indicates a possible wave evolution into a more complex and time-consuming horizontal corrective structure. So far, wave W of this new structure has been completed, and currently the market is developing wave X. The outlook for this pair is neutral to bearish as the market still trades inside of the yellow neutral zone.
Support/Resistance:
1.3175 - WR1
1.3138 - Intraday Resistance
1.3118 - Wave (i) Top
1.3089 - Intraday Resistance
1.3002 - Weekly Pivot
1.2978 - Intraday Support
1.2918 - WS1
1.2876 - Technical Support
Trading recommendations:
All buy orders from last week should be closed with profit, and traders should consider opening sell orders with SL above the level of 1.3139.
