General overview for 19/01/2016:
The market is still trading inside the range zone and it dose not look impulsively bullish now. This cycle might get even more complex and time-consuming as it develops into more complex corrective structure. An upside breakout is still expected, but any new local low below the level of 126.78 would immediately invalidate this view increasing the odds for more downside pressure.
Support/Resistance:
126.37 - WS2
126.84 - WS1
126.78 - Technical Support
127.29 - Intraday Support
127.78 - Weekly Pivot
128.29 - WR1
129.07 - Intraday Resistance
129.25 - WR2
129.61 - Wave c Target Projection
Trading recommendations:
Day traders should consider placing buy orders from current market levels with SL below the level of 127.29 and TP at the level of 129.61.
