General overview for 24/01/2017:
The market has made another marginal low after being rejected from the weekly pivot at the level of 122.14. The low at the level of 121.13 will now act as the intraday support and the price has nicely rebounded from this level and has violated the golden intraday trend line. To confirm the bottom is in place, the market must break out above the weekly pivot at the level of 122.14 again and head towards the wave 1/a (green) high at the level of 122.95.
Support/Resistance:
123.74 – WR1
122.94 – Intraday Resistance
122.14 – Weekly Pivot
121.13 – Intraday Support
121.34 – WS1
120.53 – Invalidation Level
Trading recommendations:
Day traders should consider opening buy orders only due to uncompleted wave progression to the upside. The SL for all open orders should be placed below the level of 120.53 and TP should be left open for now.
The material has been provided by InstaForex Company – www.instaforex.com
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