Technical Outlook and Chart Setups:
As depicted here and expected, the single currency pair seems to be on its way to correct/retrace. As seen here, the support region is between 108.50 and 109.00. Furthermore, this region is also re-enforced by past resistance turned support. Since the overall trend remains bullish, it is recommended to cover short positions and take profits at the moment. Keeping the trade strategy to buy on dips is highly recommended. The swing support is at 106.00 followed by 105.20 level respectively. Fibonacci resistance is spread through 113.00 level and above. Flat for now.
Trading Recommendations:
Book profits on short positions taken yesterday. Flat for now.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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