Technical Outlook and Chart Setups:
The single currency pair took off stops placed at breakeven levels on Friday, followed by the NFP release. At the moment it is bouncing off the 0.786 Fibonacci support around 102.50 region. Please watch out for another 4-6 hours for a possible low formation at these levels to go long again. Intermediary support comes in just above the 102.00 level, while resistance is at 104.20/25 region. If 102.00 breaks, then the 101.85 level shall offer a support; it is also reinforced by the Fibonacci 0.618 of the upswing boundary in the range 100.00 to 105.00.
Trading Recommendations:
Flat for now, look to enter buying of 4H bullish signals around 102.50 region.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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