General overview for 22/01/2016:
The higher time frame counts was updated, yet there are still two wave scenarios for this pair with the very important invalidation line at the level of 126.09. Any breakout below this level would immediately invalidate the main impulsive count and put an alternative count in play. As long as this level is not violated, the base scenario of one more wave to the upside to develop over the next few weeks is still possible (main count). A breakout lower, would mean wave three is in progress and a sell-off is highly possible in this market.
Support/Resistance:
126.37 - WS2
126.84 - WS1
126.78 - Technical Support
127.52 - Intraday Support
127.78 - Weekly Pivot
128.29 - WR1
129.07 - Intraday Resistance
129.25 - WR2
Trading recommendations:
Swing traders might consider placing buy orders from the current market levels with SL below the level of 126.08 and TP open for now.
