The market has tested the intraday support at the level of 112.31 and bounced from there, but it wasn’t strong enough to break out above the dashed channel line. The invalidation level for this scenario is still at the intraday support at the level of 112.31, nevertheless the bullish divergence between the price and momentum oscillator indicates a possible upside rebound.
Support/Resistant:
112.31 – Intraday Support
112.42 – WS1
113.17 – Weekly Pivot
113.65 – WR1
114.02 – Intraday Resistance
114.48 – WR2
114.96 – WR3
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 16/08/2016:
The market has tested the intraday support at the level of 112.31 and bounced from there, but it wasn’t strong enough to break out above the dashed channel line. The invalidation level for this scenario is still at the intraday support at the level of 112.31, nevertheless the bullish divergence between the price and momentum oscillator indicates a possible upside rebound.
Support/Resistant:
112.31 – Intraday Support
112.42 – WS1
113.17 – Weekly Pivot
113.65 – WR1
114.02 – Intraday Resistance
114.48 – WR2
114.96 – WR3
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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