Technical Outlook and Chart Setups:
The single currency reacted sharply yesterday taking out stops around 102.00 level (though, risk was minimum). As it was depicted above, the prices are at the 0.618 Fibonacci support of upswing (100-104.50/60). Furthermore, the trendline support is also nearby. It is recommended to watch out for bullish signals around the 105.50-105.80 region to go long again. Strong support is present at 100.00, while resistance is above 103.00 now. Look to buy on a bullish bounce, a break would delay that outlook.
Trading Recommendations:
Flat for now, look to buy again.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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