General overview for 07/10/2016:
As anticipated yesterday, the market traded lower in order to develop the corrective structure in wave (iv). The wave a of this corrective structure has been done already. The intraday support at the level of 115.33 is the most important level for day traders for now. Please notice, that the overall impulsive bullish wave progression to the upside hasn’t been completed yet and higher price levels are expected when the correction is completed.
Support/Resistance:
112.07 – Technical Support
112.83 – WS1
113.50 – Weekly Pivot
114.78 – WR1
115.33 – Intraday Support
115.54 – WR2
116.36 – Intraday Resistance
Trading recommendations:
Day traders should refrain from trading until a more clearer trading setup occurs.
The material has been provided by InstaForex Company – www.instaforex.com
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