Technical Outlook and Chart Setups:
As it is depicted here, 105.00/20 levels is immediate support at the moment and dips should be well capped above that for now. The single currency pair pulled back just shy from 108.00. Bulls are expected to challenge the resistance again. Near-term support is the 106.00 level while resistance is at 107.10. A push through 107.10/20 levels is to reaffirm that prices are targeting fresh highs. Resistance is placed at 108.00 and 110.50/111.00 levels respectively. It is recommended to stay long for now and add further longs on intraday dips.
Trading Recommendations:
Stay long for now, add fresh long positions now, stop below 106.00. Target is open for now.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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