Technical outlook and chart setups:
The single currency pair has extended gains beyond the measured extensions of 121.50 level on Friday. As shown on the weekly chart representation here, the next price resistance is seen at 123.30 level and the bulls would want to give that final push before a meaningful pullback might begin. Support on a 4H chart is only at 117.00, followed by 116.30/40 and lower. It is recommended for aggressive traders to build fresh long positions on intraday dips if it is possible. Please do not initiate short positions at the moment if you do not have clear signals.
Trading recommendations:
Profits booked on earlier long position. Flat for now.
Good Luck!
The material has been provided by Instaforex Company - http://www.instaforex.com/
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