Technical Outlook and Chart Setups:
The single currency pair rose through resistance at 104.00 level yesterday. It is expected to retrace and test at least the backside of the sloping trendline before rallying further up. Intermediary support will be provided by 102.00 level now, while the next resistance lined up is at 104.25/30. It is humbly recommended to always book partial profits whenever a target or resistance is hit. Furthermore, buying on dips towards 103.00/102.50 levels shall be good according to risk/reward ratio. Looking higher up after a break.
Trading Recommendations:
Book 50-60% profits on long positions taken earlier. Further buy positions can be build on dips, move stops to break even, we nave no risk now!
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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