General overview for 26/01/2017:
The market is trading horizontally around the weekly pivot in the zone between the levels of 121.62 and 122.26. This horizontal price action might be an internal corrective sub-cycle unfolding below the golden trend line. To confirm the bottom is in place, the market must break out above the weekly pivot at the level of 122.14 again and head towards the wave 1/a (green) high at the level of 122.95.
Support/Resistance:
123.74 - WR1
122.26 - Intraday Resistance
122.14 - Weekly Pivot
121.62 - Intraday Support
121.34 - WS1
120.53 - Invalidation Level
Trading recommendations:
Day traders should consider opening buy orders only due to uncompleted wave progression to the upside. The SL for all open orders should be placed below the level of 120.53 and TP should be left open for now.
