Technical Outlook and Chart Setups:
A Daily chart view has been presented here for looking into the larger Fibonacci extensions which are expected. The single currency pair broke out of pennant formations yesterday and hit the measured extension level at 118.00. Further resistance levels are at 120.00 and above. Immediate support is now at 113.50 level. It is recommended to book profits on long positions taken earlier and remain flat for now. A major resistance on Weekly charts has been broken and the prices are expected to initiate a pullback from here, before resuming further uptrend. Flat for now.
Trading Recommendations:
Book profits on long positions taken earlier and remain flat for now.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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