General overview for 28/01/2016:
The pair has finally broken out of a range zone right into the bullish territory. Moreover, the current wave progression to the upside does not look completed as there is still one more wave missing. A target is seen at the level of 130.13, but it might get extended to the level of 130.37 before any meaningful reversal occurs.
Support/Resistance:
126.08 - Higher Time Frame Cycles Invalidation Level
126.95 - WS1
127.75 - Weekly Pivot
128.71 - Intraday Support
129.34 - WR1
129.47 - Intraday Resistance
130.13 - WR2
130.75 - 130.85 - Technical Resistance| Gap |
Trading recommendations:
Day traders should consider buying on dips in this market with SL below the level of 128.71 and TP at the level of 130.13.
