The bearish divergence between the price and momentum oscillator at the top of wave iii and wave v is getting more visible now, and a corrective cycle to the downside is expected. A breakout below the intraday support at the level of 116.42 is needed to confirm the bearish intraday wave progression. The first possible target for wave (ii) or b is at the level of 114.75.
Support/Resistance:
108.24 – WS2
109.25 – WS1
109.55 – Wave ii Bottom
111.93 – Weekly Pivot
113.00 – WR1
114.76 – Technical Support
115.55 – WR2
116.42 – Intraday Support
116.65 – WR3
118.40 – Intraday Resistance
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 15/07/2016:
The bearish divergence between the price and momentum oscillator at the top of wave iii and wave v is getting more visible now, and a corrective cycle to the downside is expected. A breakout below the intraday support at the level of 116.42 is needed to confirm the bearish intraday wave progression. The first possible target for wave (ii) or b is at the level of 114.75.
Support/Resistance:
108.24 – WS2
109.25 – WS1
109.55 – Wave ii Bottom
111.93 – Weekly Pivot
113.00 – WR1
114.76 – Technical Support
115.55 – WR2
116.42 – Intraday Support
116.65 – WR3
118.40 – Intraday Resistance
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
Related Posts: