General overview for 18/07/2016:
The market is still trading in a narrow congestion zone between the intraday support at the level of 116/29 and intraday resistance at the level of 118.40. The anticipated wave b is currently unfolding, and a choppy wave development is expected during this cycle. The key level to the downside is a technical support at the level of 114.75.
Support/Resistance:
122.91 - WR2
122.67 - Technical Resistance
120.11 - WR1
118.40 - Intraday Resistance
116.39 - 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.
