Technical Outlook and Chart Setups:
Nothing has changed structurally since yesterday. The single currency is trading sideways and awaiting a breakout. A push is required above 104.00 level now to print new highs at 104.75 before reversing. On the other hand, a drop below 103.00 level would ascertain that a lower high has been carved out at 104.50/60 for now. As it was recommended, if long positions have been taken earlier, risks should be brought at breakeven levels. Intermediary support is at 103.25 level, while resistance is at 104.20/30 levels.
Trading Recommendations:
1. Book profits on long positions taken earlier. Stay flat.
2. Hold long positions, move stop loss to breakeven, target 104.75.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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