The wave progression looks choppy and full of whipsaws and the most important resistance at the level of 114.02 still hasn’t been violated yet. The low volatility trading period continues, the horizontal corrective cycle is still in progress, but bears have managed to break out slightly below the golden trend line support. Nevertheless, the market is still trading within the daily range, above all intraday moving averages, above the weekly pivot and above the golden trend line, so the break out to the upside might happen any time soon.
Support/Resistance:
112.31 – Intraday Support
112.97 – WS1
113.44 – Weekly Pivot
114.02 – Intraday Resistance
114.52 – WR1
115.02 – WR2
Trading recommendations:
Day traders should consider opening buy orders from current price levels with SL below the level of 112.30 and TP at the level of 114.00.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
General overview for 25/08/2016:
The wave progression looks choppy and full of whipsaws and the most important resistance at the level of 114.02 still hasn’t been violated yet. The low volatility trading period continues, the horizontal corrective cycle is still in progress, but bears have managed to break out slightly below the golden trend line support. Nevertheless, the market is still trading within the daily range, above all intraday moving averages, above the weekly pivot and above the golden trend line, so the break out to the upside might happen any time soon.
Support/Resistance:
112.31 – Intraday Support
112.97 – WS1
113.44 – Weekly Pivot
114.02 – Intraday Resistance
114.52 – WR1
115.02 – WR2
Trading recommendations:
Day traders should consider opening buy orders from current price levels with SL below the level of 112.30 and TP at the level of 114.00.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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