General overview for 22/07/2016:
The top for the wave b has been established at the level of 118.38, and now the market should start to develop one more wave to the downside in order to complete the whole structure in wave b green. The projected target for wave c of wave b green is at the technical support at the level of 114.81. Please notice that the wave b might still evolve into a more complex and time-consuming pattern.
Support/Resistance:
122.91 - WR2
122.67 - Technical Resistance
120.11 - WR1
118.40 - Intraday Resistance
115.54 - Weekly Pivot
115.48 - Intraday Support
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.
