General overview for 25/07/2016:
The top for the wave b was established at the level of 118.38 and now another sub-wave down is being developed in order to complete the wave b green correction. Currently, the market trades in congestion zone that looks like a triangle pattern and a break out down towards the intraday support at the level of 115.48 is being anticipated.
Support/Resistance:
119.22 - WR2
118.38 - Wave b Top
117.63 - WR1
116.88 - Weekly Pivot
115.48 - Intraday Support
115.34 - WS1
114.81 - Technical Support
114.57 - WS2
113.01 - WS3
Trading recommendations:
All sell orders from the last week should be still kept open as there is still one more wave to the downside anticipated. The first TP is at the level of 115.48.
