The technical resistance at the level of 115.50 has been broken, and the price has made another higher high at the level of 116.40. According to the main count, this level might be the top for the abc corrective cycle in wave (b), but there is still a chance that the impulsive structure to the upside is in progress after the truncated wave v terminated at the level of 110.83. Moreover, any breakout below the intraday support at the level of 114.77 will likely make the price move lower towards the level of 113.00.
Support/Resistance:
108.24 – WS2
109.25 – WS1
109.55 – Wave ii Bottom
111.93 – Weekly Pivot
113.00 – WR1
114.76 – Intraday Support
115.55 – WR2
116.39 – Intraday Resistance
116.65 – WR3
Trading recommendations:
All sell orders from last week should be still kept open as another wave to the downside is anticipated. New sell orders can be opened if the level of 110.83 is violated.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
General overview for 13/07/2016:
The technical resistance at the level of 115.50 has been broken, and the price has made another higher high at the level of 116.40. According to the main count, this level might be the top for the abc corrective cycle in wave (b), but there is still a chance that the impulsive structure to the upside is in progress after the truncated wave v terminated at the level of 110.83. Moreover, any breakout below the intraday support at the level of 114.77 will likely make the price move lower towards the level of 113.00.
Support/Resistance:
108.24 – WS2
109.25 – WS1
109.55 – Wave ii Bottom
111.93 – Weekly Pivot
113.00 – WR1
114.76 – Intraday Support
115.55 – WR2
116.39 – Intraday Resistance
116.65 – WR3
Trading recommendations:
All sell orders from last week should be still kept open as another wave to the downside is anticipated. New sell orders can be opened if the level of 110.83 is violated.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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