Technical Outlook and Chart Setups:
As depicted above, the single currency pair rallied after testing the backside of the sloping trendline resistance and turned support near 103.00 region. It is quite clear that prices should remain above this immediate support of 103.00 and get past 104.50/60 levels in coming sessions. Therefore, it is recommended to keep trading strategy to buying on intraday dips. After 103.00 the next level of support is at 102.00 level. Resistance is placed at 104.30, followed by 104.50/60 levels. Bulls should comfortably get past resistance levels in coming sessions. Looking higher.
Trading Recommendations:
Hold on to long positions taken earlier, buy further on dips, stop at 102,80, and target open.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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