General overview for 15/01/2016:
There is one more sub-wave to the downside possible before the uptrend rebounds as wave b purple progression is getting more complex and time-consuming. A target for the potential wave c purple is still seen at the level of 129.61, just above the old wave -iv- top. Nevertheless, to confirm this scenario, the price must break out higher above the golden trend line in an impulsive fashion.
127.31 – Intraday Support
128.31 – Weekly Pivot
129.08 – Intraday Resistance
129.31 – Wave c Target Projection
131.01 – Technical Resistance
Day traders should place buy orders from current market levels witch SL just below the last intraday support at the level of 127.31 and TP at the level of 129.61.
The material has been provided by InstaForex Company – www.instaforex.com