General overview for 28/01/2016:
A test of the local swing low had been done and now the market might start to break above the golden trend line again. The downward momentum is diminishing and bullish divergence might be seen between the price and momentum oscillator. The next target is seen at the weekly pivot at the level of 1.4272, but first the price must break out of the intraday range zone and head above the intraday resistance.
Support/Resistance:
1.4690 - Swing High
1.4436 - WR1
1.4420 - Technical Resistance
1.4330 - 38%Fibo
1.4325 - Technical Resistance
1.4272 - Weekly Pivot
1.4156 - Intraday Resistance
1.4028 - Intraday Support
Trading recommendations:
For today, day traders should consider placing buy orders if the intraday resistance at the level of 1.4156 is violated. The SL orders should be placed below the level of 1.4028 and TP at the level of 1.4271.
