General overview for 21/07/2016:
The price has made another marginal high at the level of 1.3095, but it looks like the corrective pattern on wave (b) is completed. Currently, the market should start to develop another wave to the downside, and any violation of the level of 1.3011 will be the first clue that the wave (c) is in progress. The growing bearish divergence between the price and momentum oscillator is supporting the view.
Support/Resistance:
1.2087 – WS1
1.2972 – Weekly Pivot
1.3011 – Intraday Support
1.3035 – 61% Fibo
1.3095 – Intraday Resistance
1.3085 – WR1
1.3138 – Local High
Trading recommendations:
Day traders should consider opening sell orders from the level of 1.3035 with tight SL and TP open for now. The reason for the trade is wave (c) to the downside anticipation.
The material has been provided by InstaForex Company – www.instaforex.com
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