General overview for 07/11/2016:
The current wave development suggests a more complex and time-consuming structure unfolding currently on this pair. 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.
1.3503 - WR2
1.3465 - Intraday Resistance
1.3433 - WR1
1.3392 - Weekly Pivot
1.3353 - Intraday Support
1.3319 - WS1
1.3280 - WS2
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.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.