Technical Outlook and Chart Setups:
The single currency pair has risen past resistance above 111.00, printing fresh highs today morning. As depicted here, 111.00 was embarked by past resistance and also the Fibonacci target of the rally from 94.00 to 104.00 levels. Therefore, it is recommended to book maximum (80%) profits at current levels (111.60). Support on Daily Charts is quite far at 106.00, followed by 105.20. A meaningful pullback is possible towards 109.00 level before the next rally.
Trading Recommendations:
Book profits on longs at current levels. Wait for a pullback to re-enter.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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