Technical Outlook and Chart Setups:
As depicted here, the 1,700.00/1,705.00 area is the key support zone; a break lower will confirm that the rally from 1,672.00 to 1,755.00 was just a correction within the larger down wave structure. In that case 1,630.00 will be the possible downside extension where a bounce higher can be expected. On the other side, if 1,700.00 holds good, and a bullish reaction appears on higher timeframes, it will be concluded that bullish structure remains intact and higher levels can be expected. Intermediary resistance is at 1,755 while support is at 1,700.
Trading Recommendations:
Flat for now. We shall wait for one more session at least to conclude a trade possibility.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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