General overview for 20/01/2015 09:15 CET
Choppy and overlapping price action indicates that the triangle pattern is still possible and wave development should now continue slightly to the downside to make another intraday low. As long as the market trades inside the green bullish zone and above the intraday support at the level of 1.1802, the idea of a corrective cycle in shape of a triangle is still valid.
Support/Resistance:
1.1802 - Intraday Support
1.1853 - WS1
1.1949 - Weekly Pivot
1.1986 - Intraday Resistance
1.2045 - Intraday High
1.2097 - WR1
Trading recommendations:
As advised yesterday, daytraders and swingtraders should consider buying the dips in this corrective structure as long as the level of 1.1802 is not violated. SL should be placed below the level of 1.1799 and TP at the level of 1.2100 with a possible upside extension. Please, notice that the market is still trading around the weekly pivot level and volatility is rather low currently.
The material has been provided by InstaForex Company - www.instaforex.com
