General overview for 18/08/2016:
The corrective cycle in wave iv has been completed and one more wave to the downside is expected before any meaningful bounce will happen. The wave v might develop into a typical ending diagonal pattern that will eventually break out to the upside when terminated.
Support/Resistant:
1.2798 – Intraday Support
1.2822 – WS1
1.2894 – Intraday Resistance
1.3006 – Weekly Pivot
1.3091 – WR1
Trading recommendations:
Currently day traders should refrain from trading and wait for the last cycle down to complete before entering any transaction.
The material has been provided by InstaForex Company – www.instaforex.com
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