General overview for 19/08/2016:
The new low had been made at the level of 1.2763 and this could be a final bottom for the wave v of wave c green. Moreover, if the count is correct and this would be the low of the bigger time frame cycle labeled as wave XX brown, then more upside pressure should be visible on the chart. The key to the upside is still the golden trend line dynamic resistance at the level of 1.2900, so only a clear, impulsive break out above it would confirm that bulls are regaining the control over this market.
Support/Resistant:
1.2763 - Intraday Support
1.2822 - WS1
1.2894 - Intraday Resistance
1.3006 - Weekly Pivot
1.3091 - WR1
Trading recommendations:
Currently day traders should refrain from trading and wait for the last cycle down to complete before entering any transaction.
