General overview for 26/07/2016:
As anticipated yesterday, the wave c of the overall downside corrective cycle has hit 50% Fibo at the level of 114.57. This level is an important technical support as well, so the low for the wave b green might be in place. Nevertheless, as long as the intraday resistance at the level of 115.48 is not violated, the bears might extend the drop towards 61% Fibo at the level of 113.73.
Support/Resistance:
119.22 - WR2
118.38 - Wave b Top
117.63 - WR1
116.88 - Weekly Pivot
115.48 - Intraday Resistance
115.34 - WS1
114.81 - Technical Support
114.57 - WS2
113.73 - 61% Fibo
113.01 - WS3
Trading recommendations:
All sell orders from last week should now be closed as the TP at the level of 115.48 has been hit. Please note that the next TP for the sell orders is at the level of 113.73.