General overview for 19/01/2017:
The pair hit a fresh intraday high at the level of 122.30 after the weekend gap had been finally filled. Currently, the Elliott wave count is suggesting, that wave progression from the low at the level of 120.53 is in three waves, but it has an impulsive structure. The invalidation of this structure will come with the level of intraday support at 121.39 violation, but as long as this level is not hit, the outlook remains bullish.
Support/Resistance:
120.89 - Technical Support
121.39 - Intraday Support
122.01 - Weekly Pivot
122.41 - Intraday Resistance
122.82 - WR1
123.85 - Swing High
Trading recommendations:
The buy orders should now all be closed after the TP at the level of 122.01 was hit. Currently, the next good level to buy is the gray rectangular zone and the SL shlould be placed below the level of 121.39.
