General overview for 17/01/2017:
Another marginal lower low has been made in this market, but the overall outlook does not change. The new bottom has been made at the level of 120.64 and the confirmation of the bottom will come with the intraday resistance at the level of a 121.18 breakout. Please notice, that according to the Elliott wave count, there is still one more big wave to the upside missing – wave (5) blue.
Support/Resistance:
120.64 – Intraday Support
120.89 – Technical Support
121.18 – Intraday Resistance
122.01 – Weekly Pivot
122.82 – WR1
123.85 – Swing High
Trading recommendations:
Day traders should consider opening buy orders only if the level of 121.18 is clearly violated. TP should be set at the level of 122.01.
The material has been provided by InstaForex Company – www.instaforex.com
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