General overview for 21/01/2015 09:15 CET

The market has made another higher high, and the wave progression has been slightly changed to include the alternative scenario. The bottom for the corrective cycle in wave 4 green is possible, but it looks like the correction is very simple and it might evolve into something more complex, maybe even a triangle. The move upward is so fat in three waves that looks like a zig-zag. As long as another higher high is made, the recent wave progression might still be a part of some more complex corrective cycle. The key level for intraday traders is the intraday support at the level of 1.2045.

Support/Resistance:

1.2192 - WR2

1.2113 - Intraday Resistance

1.2097 - WR1

1.2045 - Intraday Support

1.1949 - Weekly Pivot

Trading recommendations:

As it was advised all week long, buying on the dips on this market is the way to trade it. However, please, notice that the SL orders should be moved just below the level of 1.2045 now as any breakout lower might be the first sight that the market is going back to the corrective zone.