Technical Outlook and Chart Setups:
Structurally things remain unchanged since last 4 trading sessions. One can expect this sideways range to continue for 1-2 days more before it breaks out finally. The 29.50/60 level is immediate support followed by 28.00 and 27.50, respectively; while resistance is at 32.50, 33.50 and 34.30/40, respectively. Also the current bottom formation at 29.50/60 is at confluence of trendline support, Fibonacci 0.618 support, and past resistance turned support region. It is, therefore, recommended to hold on long positions taken earlier, further buy on dips. Looking higher from here on.
Trade Recommendations:
Hold on to long positions taken earlier, stop at 29.00/28.75. Target is open (fresh highs).
Good Luck !
The material has been provided by Instaforex Company - instaforex.com
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