General overview for 30/01/2017:
The largest correction in the downtrend in the wave 2/b (purple) has been done, so the overbalance situation is now unfolding. The next target for bulls would be the intraday resistance at the level of 1.3213, but first the price must break out above the weekly pivot at the level of 1.3167. From the Elliott wave theory point of view, the situation is still unclear as none of the important levels has been broken or tested. This is why any of the two counts, main and alternative, is still equally valid.
Support/Resistance:
1.3000 - WS1
1.3054 - Intraday Support
1.3167 - Weekly Pivot
1.3213 - Intraday Resistance
1.3281 - WR1
1.3388 - Swing High
Trading recommendations:
Day traders should open the buy orders with SL below the level of 1.3054 and TP at the level of 1.3213. Please notice, that if the wave 3/c (purple) will keep going up, then the next target might be moved to the level of 1.3388.
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