General overview for 16/06/2015 09:25 CET
A slow, ovelapping, and choppy price action in the H1 time frame is typical for wave (iv) corrections. In our case, the corrective pattern that is now in progress looks more and more like a triangle. The invalidation of this pattern is at the level of 1.2434, so any breakout higher above the projected trend-line resistance at the level of 1.2370 (approx.) might result in an immediate spike up and pattern invalidation. On the other hand, the green triangle trendline is the key dynamic support on the downside.
Support/Resistance:
1.2434 - Green Impulsive Count Invalidation Line
1.2370 - Triangle Line Resistance
1.2351 - Intraday Resistance
1.2326 - Weekly Pivot
1.2267 - Intraday Support
Trading recommendations:
The sell orders from yesterday did not work out as the price moved higher under choppy and slow trading conditions. So, it would be more appropriate to wait for a corrective cycle in wave (iv) to complete and then open sell positions to trade the last wave down.
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