General overview for 07/11/2016:
The bottom for the blue wave (b) had been established at the level of 114.00 and currently the market is developing another upward wave. The invalidation level is at the top of the purple wave 1 at the level of 114.71, so any violation of this level will invalidate the bullish impulsive count. The triangle structure for the purple wave 4 is currently in progress as well, so the intraday horizontal price action is being expected.
Support/Resistance:
115.88 - Intraday Resistance
115.77 - WR1
115.29 - Intraday Support
114.89 - Weekly Pivot
114.71 - Invalidation Level
114.12 - WS1
113.22 - WS2
Trading recommendations:
The impulsive structure does not look completed yet, so day traders should consider to open buy orders with SL set just below the level of 114.71.
