General overview for 20/01/2016:
The long term and short term Elliott wave count of this pair had been updated. The current scenarios are still bullish and so far there are no indications of a possible up trend reversal. Moreover, the current wave developments is still bullish as there are uncompleted sub-cycle waves to the upside.
– on the Monthly time frame we can see the big pink cycle labeling as 1 or A and 2 or B. The reason for that is because there is still unclear whether the current long term progression is a part of a big cycle wave (B) in form of three ABC pink waves, OR whether this is an impulsive pattern to the upside that will take out the recent long-term top at the level of 1.6176. Nevertheless, there is still wave 4 missing and one more high should be made soon (targets to be determined when wave 4 low is in place).
– on the Weekly time frame situation is very similar as we can see the grey rectangle demand zone is the long term support for this pair. Only a clear violation of this level would reverse the long term trend.
– on the Daily time frame there is a projected target for the wave 3 at the level of 1.4956. Still no bearish divergence
– on the H4 time frame the momentum is diverging as the price is breaking above the dashed channel. This might be a firs indication the lower time frame cycle are mature
– on the H1 time frame there is a target projection for the immediate wave (3) . Nevertheless, still one more wave to the upside is expected.
1.4835 – WR1
1.4755 – Wave (3) Target Projection
1.4603 – Intraday Support
1.4445 – Weekly Pivot
Swingtraders should still keep the open buy orders as there are uncompleted upside waves in this market and there is no signs of a trend reversal (yet).
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