General overview for 10/08/2016:
After the bullish camp did not manage to break out above the intraday resistance at the level of 113.92, the price has moved back to the weekly pivot at the level of 113.26 and continues to trade in rather narrow trading range. The bottom for wave b might be in place at the level of 112.31, but to confirm this scenario the price must impulsively break out above the 113.92 level and head higher. And violation of the intraday support at the level of 112.31 will invalidate this scenario.
Support/Resistance:
112.31 - Intraday Support
113.26 - Weekly Pivot
113.92 - Intraday Resistance
114.22 - WR1
115.76 - WR2
116.72 - WR3
Trading recommendations:
Day traders should consider opening buy orders from current price levels and place the SL just below the level of 112.30. TP is open for now.
