General overview for 18/01/2016:
An extension in the fifth wave has gotten rather very mature as the new marginal highs are being reached every day. Nevertheless, momentum is waning with every new higher high and it is quite possible that the top might be in place or the market participants will start to exit their long positions soon. In that case, the ending diagonal pattern will develop around the current levels.
Support/Resistance:
1.4603 - Local High
1.4506 - Intraday Support
1.4415 - Weekly Pivot
1.4419 - WS1
1.4293 - WS2
Trading recommendations:
Day traders should consider placing sell orders from current market levels with SL above the local high at the level of 1.4603 and TP open for now.
