General overview for 20/04/2016:
Five impulsive waves to the upside might be labeled from the 121.71 bottom, which as well might be a first impulsive bullish trend rebound. Nevertheless, it is still too early to draw this kind of the conclusion as the market retraced only 38% of the previous swing down. Currently some kind of the internal corrective cycle should develop and the support at 123.59 should hold in case of a further spike down.
Support/Resistance:
121.27 - WS1
122.63 - Weekly Pivot
123.12 - WR1
123.59 - Intraday Support
124.21 - Technical Resistance
124.43 - Intraday Resistance
124.48 - WR2
124.98 - WR3
Trading recommendations:
All sell orders from last week should now be closed with profit. Traders should now stay aside from the market and wait for the next trading setup to occur shortly.
