Technical Outlook and Chart Setups:
Yet another day, yet another rally; the single currency pair is rapidly hitting resistance and targets. As depicted above, the next lined up target is 108.00 level and there is 111.00 level above it. Intermediary support should be provided by 104.50/60 levels now, which is also the resistance turned support as shown above. It is recommended to wait for intraday dips to again re-enter buying; also please note to book partial profits at each target. It seems bulls are now targeting 108.00 level before a meaningful pullback occurs. Please restrain from buying aggressively at current levels, always buy on intraday dips.
Trading Recommendations:
Hold on to long positions taken earlier, stop at 104.00, and target is at 108.00.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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