The bottom for the wave ii of the overall impulsive structure was established at the level of 112.78 and since then the market has moved upward towards the next resistance at the level of 114.73. This rally might be considered as the wave (iii) progression, so now the most important level is the top of the wave (i) at the level of 113.57. Any violation of this level would immediately invalidate the current wave development and cause more complex and time-consuming corrective pattern to emerge.
Support/Resistance:
115.10 – WR2
114.73 – WR1
114.03 – Intraday Support
113.76 – Weekly Pivot
113.58 – Invalidation Level
113.37 – WS1
112.41 – WS2
Trading recommendations:
All buy orders recommended previous week should now move their SL to the level of 113.55 and leave TP still open.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
General overview for 29/08/2016:
The bottom for the wave ii of the overall impulsive structure was established at the level of 112.78 and since then the market has moved upward towards the next resistance at the level of 114.73. This rally might be considered as the wave (iii) progression, so now the most important level is the top of the wave (i) at the level of 113.57. Any violation of this level would immediately invalidate the current wave development and cause more complex and time-consuming corrective pattern to emerge.
Support/Resistance:
115.10 – WR2
114.73 – WR1
114.03 – Intraday Support
113.76 – Weekly Pivot
113.58 – Invalidation Level
113.37 – WS1
112.41 – WS2
Trading recommendations:
All buy orders recommended previous week should now move their SL to the level of 113.55 and leave TP still open.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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