Technical Outlook and Chart Setups:
The structure more or less remains unchanged for now. As it was discussed yesterday, 102.00 level was tested and the prices bounced back sharply, raising past the 103.00 level. Yesterdays' lows should remain intact now, for the bulls to start rally further. Therefore, it is recommended to buy the single currency pair on dips from here on. 102.00/10 levels shall provide intermediary support and any dips should remain well capped above this level. Resistance is lined up at 103.50/70, 104.00/10, and 104.50/60 respectively.
Trading Recommendations:
Stay long for now. Buy on dips. Stop at 101.70. Target 104.75 minimum.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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