Technical Outlook and Chart Setups:
As depicted here, the single currency pair bounced back from the past resistance that turned support region near 110.50. The next chart resistance is at 114.00 levels. Also Fibonacci extensions are pointing towards 117.00 levels and higher; but prices reaching straight remains unlikely. Immediate support is now at 110.50 levels followed by 106.00 and 105.00, respectively. Resistance is at 114.00, 117.00 and 120.00 respectively on daily charts. It is recommended to exit any long positions, if they have been taken earlier, at 114.00 levels; fresh long positions should be avoided at current levels.
Trade Recommendations:
Exit at 114.00 with any long positions taken earlier or yesterday. Avoid fresh buying at current levels.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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