General overview for 20/01/2015 09:00 CET
The market moved slightly higher above the key level and weekly pivot at the level of 136.80 and now awaits news data to confirm the upward direction. The next level of resistance is the weekly pivot resistance at the level of 138.90. Any breakout above this level will result in entering bullish zone, and higher prices are expected on the market. Only a sustained breakout below the level of 134.73 would invalidate this outlook.
Support/Resistance:
134.74 - Intraday Support
136.80 - Weekly Pivot
137.02 - Intraday Resistance
138.90 - WR1
Trading recommendations:
As advised yesterday, daytraders and swingtraders should now keep buy orders open, with SL below the level of 134.72 and TP at the level of 138.90 with a possible upside extension.
The material has been provided by InstaForex Company - www.instaforex.com
