General overview for 18/01/2016:
A long-lasting and complex corrective cycle is still unfolding in this pair as it trades inside the neutral range between the levels of 127.29 and 129.07. An upside breakout is still expected, but any new local low below the level of 126.78 would immediately invalidate this view and increased the odds for more downside pressure.
126.37 – WS2
126.84 – WS1
126.78 – Technical Support
127.29 – Intraday Support
127.78 – Weekly Pivot
128.29 – WR1
129.07 – Intraday Resistance
129.25 – WR2
129.61 – Wave c Target Projection
Day traders should consider placing buy orders from current market levels with SL below the level of 127.29 and TP at the level of 129.61.
The material has been provided by InstaForex Company – www.instaforex.com