General overview for 21/07/2016:
The intraday resistance at the level of 118.38 is preventing the market from any breakout to the upside. Nevertheless, it looks like the wave b is getting more complex and time-consuming, but despite the bearish divergence between the price and momentum oscillator there is no more evidence for any downside movement.
Support/Resistance:
122.91 – WR2
122.67 – Technical Resistance
120.11 – WR1
118.40 – Intraday Resistance
116.41 – Intraday Support
115.54 – Weekly Pivot
114.75 – Technical Support
112.85 – WS1
110.83 – Technical Support
Trading recommendations:
Due to the unclear outlook, investors should refrain from trading and wait for a better trading setup to occur shortly.
The material has been provided by InstaForex Company – www.instaforex.com
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