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.
