General overview for 27/01/2015 08:30 CET
The most important level that, if broken, could ignite the bullish wave progression to the upside has not been violated yet. This level is the intraday resistance at the level of 134.19. It looks like the market has made five waves to the upside and now it will try to test the intraday resistance at the level of 131.83. If this support is broken, then the next support is at the local swing low at the level of 130.14. Please notice, that the market is still trading inside the bearish zone and the corrective wave 4 black might still be in progress.
Support/Resistance:
128.22 - WS1
130.14 - Swing low
131.83 - Intraday Support
132.95 - Weekly Pivot
134.19 - Intraday Resistance
134.95 - WR1
137.63 - Technical Resistance
Trading recommendations:
Below the level of 134.19 choppy trading conditions are expected as the market might be making wave 4 black in shape of a triangle or any other corrective shape. This is why daytraders should consider opening only sell orders with SL just above this level, using any scalping strategy to gain 20-30 pips.
The material has been provided by InstaForex Company - www.instaforex.com
