General overview for 21/01/2016:
The wave (v) target was missed by 25 pips. Nevertheless, the market is still developing according to the scenario. Currently, the three-wave correction has been made and the market is trying to bounce from intraday support at the level of 1.4429. Please notice that the price is still below the golden channel trend line and only a breakout higher above this line will be in line with our bullish scenario. Moreover, the wave 4 cycle might get more complex and time-consuming as the invalidation level is seen at 1.4187.
Support/Resistance:
1.4835 - WR1
1.4690 - Local High
1.4602 - Intraday Resistance
1.4537 - Intraday Resistance
1.4445 - Weekly Pivot
1.4429 - Intraday Support
Trading recommendations:
Buying on dips is the correct way to trade on this market until the trend reversal.
