General overview for 08/11/2016:
The bulls were not able to break out above the dashed blue trend line and the current wave development suggests a more complex and time-consuming structure unfolding on this pair. The market keeps trading in a congestion zone between the intraday support at the level of 1.3352 and intraday resistnace at the level of 1.3465. The Elliott wave count has been updated and now it indicates an uncompleted structure to the upside, labeled as the blue wave c. On the other hand, the structure in wave b may not have been completed yet and if the demand zone is clearly violated, the market might extend fall towards the level of 1.3000.
Support/Resistance:
1.3503 - WR2
1.3465 - Intraday Resistance
1.3433 - WR1
1.3392 - Weekly Pivot
1.3353 - Intraday Support
1.3319 - WS1
1.3280 - WS2
Trading recommendations:
The current market structure is not clear enough to justify trading. Day traders should refrain from placing orders and wait for another trading setup to occur shortly.
