General overview for 27/01/2016:
As anticipated yesterday, the fifth wave of the overall impulsive wave progression has been completed and the cycle down is done now. An upward corrective cycle might unfold targeting the level of 1.4324 if the golden trend line gets broken. On the other hand, a failure in breaking the golden trend line will result in another test of the intraday support at the level of 1.4044.
Support/Resistance:
1.4690 - Swing High
1.4436 - WR1
1.4420 - Technical Resistance
1.4330 - 38%Fibo
1.4325 - Technical Resistance
1.4272 - Weekly Pivot
1.4135 - Intraday Resistance
1.4044 - Intraday Support
Trading recommendations:
The sell orders from yesterday had hit the TP level.
For today, day traders should consider placing buy orders if the intraday resistance at the level of 1.4135 is violated. The SL orders should be placed below the level of 1.4044 and TP at the level of 1.4326.
