General overview for 16/01/2015 09:20 CET

The market keeps making a corrective structure, as it was anticipated yesterday, and the first possible pattern for the corrective structure in wave 4 green might be a triangle pattern. This idea has been drawn on hourly chart and only a strong, clear breakout below the level of 1.1802 might invalidate the pattern. That would mean the market is making a different corrective structure and it could get complex and time consuming. Nevertheless, the bias is still bullish as there are unfinished impulsive waves to the upside.

Support/Resistance:

1.1802 - Intraday Support

1.1829 - Weekly Pivot

1.1926 - WR1

1.1987 - WR2

1.2000 - Intraday Resistance

Trading Recommendations:

Daytraders and swingtraders should consider buying the dips in this market with SL below the level of 1.1802 and wait for the corrective cycle to complete.