As anticipated yesterday, the wave (v) is currently unfolding after the low for the wave (iv) was established at the level of 113.90. Bulls have managed to push the price towards the weekly pivot resistance level 2 at 115.10 and a corrective cycle in a shape of a triangle is being expected any time soon.
Support/Resistance:
115.10 – WR2
114.67 – Intraday Support
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 last week should now move their SL to the level of 114.67 and leave TP still open. It is a good level to book profits or modify the order to trail the stop loss with a 20-pips range.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
General overview for 31/08/2016:
As anticipated yesterday, the wave (v) is currently unfolding after the low for the wave (iv) was established at the level of 113.90. Bulls have managed to push the price towards the weekly pivot resistance level 2 at 115.10 and a corrective cycle in a shape of a triangle is being expected any time soon.
Support/Resistance:
115.10 – WR2
114.67 – Intraday Support
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 last week should now move their SL to the level of 114.67 and leave TP still open. It is a good level to book profits or modify the order to trail the stop loss with a 20-pips range.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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