Technical Outlook and Chart Setups:
Fridays' NFP took out our stops again. Looking into the chart setup again, the fall from sub 1,800.00 level that has occurred recently, is still corrective in nature (3 waves). Watch out for bullish reversal signals from here on to go long again. A break down from here could bring the price to 1,650 level before reversing; but this possibility remains distant at the moment. On the shorter timeframe bullish signals are to be watched now for opportunities to go long. If required, an update shall be submitted during the NY Session today. 1,700/25 are immediate resistance levels need to be taken off.
Trading Recommendations:
Flat for now. Looking to buy again.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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