Technical Outlook and Chart Setups:
The single currency seems to be bouncing from the past resistance turned support levels around 102.50. Furthermore, the 0.5 Fibonacci support ratio is also at 102.35 level. A bullish turnaround from here would possibly carve out fresh highs in the coming sessions. Supports are well placed at 101.00 level followed by 100.00. Also, trendline support is just below 102.00 level at the moment. Intermediary resistance is placed around 103.20, followed by 104.20/30. Considering the above facts and the current chart setup, it is recommended to keep buying on intraday dips for a higher target ahead.
Trading Recommendations;
Hold on to long positions taken from yesterday. Stop below 101.00. Target 104.75.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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