Technical Outlook and Chart Setups:
It cannot get better than yesterday's intraday movement. 32.00 remains intact and the prices stage a rally just shy by 1-2 cents. As depicted here, a morning star is underway to be formed today. If this count remains true, it can be safely assumed that wave 1 through wave 4 is done and bottom is clearly in place near 30.70/80 levels. Immediate resistance is at 33.60/60 levels, followed by 34.30/40 and 35.00 respectively. Support remains at 32.00 level followed by 30.70 region for now. It is recommended to stay long on positions taken earlier and look to add further on it. Higher from here on.
Trading Recommendations:
Hold on to long positions taken earlier, add further if possible. Stop is below 32.00. Target is open.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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