General overview for 26/01/2017:
The market is currently trying to test the intraday resistance at the level of 1.3105. Only if this level is clearly violated, the low is in place, otherwise, the market is very close to invalidate the impulsive count. The invalidation line is at the level of 1.3017. The next hurdle will be the golden trend line resistance around the level of 1.3245. Only a sustained breakout below 1.3087 level would invalidate this bullish view.
Support/Resistance:
1.3018 – Technical Support
1.3105 – Intraday Resistance
1.3137 – WS1
1.3189 – Technical Support
1.3261 – Weekly Pivot
1.3507 – WR1
Trading recommendations:
Day traders should open buy orders only if the level of 1.3105 is clearly violated ( hourly candle close above this level). Sl should be placed below the swing low at the level of 1.3016 and TP should be left open for now.
The material has been provided by InstaForex Company – www.instaforex.com
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