Technical Outlook and Chart Setups:
Prices should gather momentum as early as next week according to the weekly charts. There may be another 1-2 days of consolidation possible before rally begins. Initial resistance is at 1690/1700 followed by 1720/22 and 1753.00, respectively. Support is seen at 1600/10 followed by 1560/70, respectively. It is recommended to buy at current levels and also on any intraday dips towards 1645/50 region. Looking higher from here on.
Trade Recommendations:
Hold on to long positions taken earlier, also initiate further longs during intraday dips, stop is at 1610/00. Target is open (fresh highs).
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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