General overview for 26/08/2016:
It is almost clear that the current wave development is a form of a complex corrective cycle and as long as the low volatility trading period continues, the horizontal corrective cycle is still in progress. Nevertheless, bears have managed to break out slightly below the golden trend line support, but the market is still trading within the daily range, above all intraday moving averages, above the weekly pivot and above the golden trend line, so the breakout to the upside might happen any time soon.
Support/Resistance:
112.31 – Intraday Support
112.97 – WS1
113.44 – Weekly Pivot
114.02 – Intraday Resistance
114.52 – WR1
115.02 – WR2
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
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