General overview for 05/02/2016:
The golden trend line had capped any price rally to the upside and the market reversed lower to trade around the weekly pivot level. As long as the level of 131.65 is not clearly violated, the bullish breakout in not possible and the market will be still trading inside the range zone to make the corrective cycle more complex and time-consuming.
Support/Resistance:
133.69 - WR1
132.27 - Local High|Technical Resistance|
131.65 - Intraday Resistance
130.76 - Weekly Pivot
130.05 - Intraday Support
129.18 - WS1
Trading recommendations:
Buy orders from yesterday should still be kept open as the market confirms our bullish bias (SL below 130.00, TP open for now). The uptrend might have just resumed, so it will be more profitable to keep buy orders open for some longer time.
