Technical Outlook and Chart Setups:
As depicted above, the single currency pair broke out of sloping resistance line last week. Furthermore, it pulled back and tested the backside of trendline, which should act as support now. It is recommended to build long positions on dips, close to 103.00 level. Immediate support should be provided by 103.00 and 102.10/20 levels will be the next support region for prices to bounce back. Looking at the structure, it is expected that 103.00 level should hold well and prices should rally further. Look to buy on dips.
Trading Recommendations:
Hold on to long positions taken earlier, buy on dips, move stop at 102.80, and target open.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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