Technical outlook and chart setups:
As depicted on the weekly chart here, and it has been discussed earlier, the single currency pair extended gains past the major resistance level at 123.30/50 yesterday. Following the rules now, a meaningful technical correction is very much expected. Fibonacci supports begin from 115.00 level and extend through 105.00, as depicted here. It is hence recommended to book profits on long positions taken earlier. A correction should materialize.
Trading recommendations:
Book profits on long positions. Aggressive traders may go short with stop at 124.00.
Good Luck!
The material has been provided by Instaforex Company - http://www.instaforex.com/
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