General overview for 27/01/2017:
The market has bounced from the level of 1.3053 and now is trying to get back to the golden channel. The main hurdle to overcome is the overbalance at the level of 1.3141. Only if this level is clearly violated, the market can break out of the channel and head upward towards the level of 1.3213. Without breaking above this level, the market might threaten to test the intraday support again and even move lower towards the local low at the level of 1.3017.
Support/Resistance:
1.3017 - Technical Support
1.3053 - Intraday Support
1.3137 - WS1
1.3141 - Overbalance Level
1.3213 - Intraday Resistance
1.3261 - Weekly Pivot
1.3507 - WR1
Trading recommendations:
Day traders could add to their opened buy orders only if the level of 1.3131 is clearly violated (hourly candle close above this level). SL should be placed below the swing low at the level of 1.3016 and TP should be left open for now.
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