General overview for 18/08/2016:
The choppy, horizontal price action continues after the price has bounced from the intraday support at the level of 112.31, but did not manage to break out above the intraday resistance at the level of 114.01. Only a sustained break out above this level would mark the bottom of the wave ii at the level of 112.35 and make the impulsive rally in wave iii possible. The invalidation level for this scenario is still at the intraday support at the level of 112.31, nevertheless the bullish divergence between the price and momentum oscillator indicates a possible upside rebound.
Support/Resistant:
112.31 – Intraday Support
112.42 – WS1
113.17 – Weekly Pivot
113.65 – WR1
114.02 – Intraday Resistance
114.48 – WR2
114.96 – WR3
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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