General overview for 23/01/2017:
Two possible counts are still valid as the wave progression continues on this market. The top for the wave 1/a had been established at the level of 1.3386, just above the 61% Fibo at the level of 1.3377. Currently, the market is unfolding an internal corrective cycle and it looks like the wave a of this correction had been made already. Moreover, the market might be in progress of head and shoulders pattern, but the right arm of this pattern hasn't been completed yet. Any break out above the level of 1.3386 again will invalidate the pattern, invalidate the main count and make the alternative count the correct one to follow.
Support/Resistance:
1.3018 - Technical Support
1.3137 - WS1
1.3189 - Technical Support
1.3252 - Intraday Support
1.3261 - Weekly Pivot
1.3386 - Intraday Resistance
1.3507 - WR1
Trading recommendations:
Day traders should consider opening sell orders only due to possible head and shoulders pattern unfolding. The SL for all open orders should be placed above the level of 1.3386 and TP should be placed at the level of 1.3189.
