Technical Outlook and Chart Setups:
The structure remains unchanged since last several sessions, as the single currency pair inches higher towards 117.90 level. As depicted here, the short-term support trendline is offering support near the 113.00 region. Next support is around the 111.00 region followed by 106.00 and lower. Resistance is not before 117.90/118.00 region. It is recommended to stay long for the momentum the rally continues higher. Also look to buy fresh by focusing on shorter time frame dips.
Trading Recommendations;
Hold on to long positions. Move stop to breakeven. Target is at 117.80.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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