Technical Outlook and Chart Setups:
The single currency pair has retraced after remaining just shy of 108.00 level lately. It is recommended to hold on long positions and also add further on dips from here on. As depicted here, immediate support is 105.00/20, followed by 104.50, and 100.50 (on the trendline). Resistance is now straight at 111.00 mark, so a push above 108.00 will certainly encourage bulls to challenge 111.00. Buying on dips is a recommended trade strategy for now.
Trading Recommendations:
Hold on to long positions taken earlier, buy further on dips, and stop at 105.00.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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