Technical Outlook and Chart Setups:
Prices have remained under pressure overnight, printing fresh lows at 1,685.00 level before pulling back. Structurally it is still possible that the prices reach around 1,640/45 levels before reversing; but at the moment the 0.786 Fibonacci support is holding for the rally in the range 1,672.00 to 1,754.00. A clear break below 1,685.00 level would push it lower than 1,672.00 towards 1,645.00. On the flip side, a bullish bounce from current levels would confirm that a higher low is in place. It is recommended to plan partial buying at current levels for aggressive trade setup and the remaining towards 1,650.00 level if reached. There is no doubt that 1,640/45 levels will be excellent buying opportunity.
Trading Recommendations:
1. Buy partial, at current levels leaving space for further buying around 1,640/45 levels. Aggressive trade setup.
2. Buy around 1,640/45 levels. Conservative setups.
Good Luck !
The material has been provided by Instaforex Company - instaforex.com
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