Technical Outlook and Chart Setups:
The overall structure still remains constructive for bulls. Again looking into it, prices have bounced off the longer-term uptrend line, past resistance turned support and the 0.618 Fibonacci support at 1,630/35 levels. The recent fall from 1,690/95 levels can be defined as wave 2 as depicted here. Wave 1 was the upswing from 1,632 to 1,694 levels earlier. A powerful wave 3 should be underway now from around 1,645.00 level; which could bring prices comfortable above 1,720/25 levels as depicted here. Resistance is lined up from 1,700.00 level, followed by 1,720/23 and 1,750/53 respectively. Immediate support is at 1,630.00, followed by 1,600/10. Looking higher from here.
Trading Recommendations:
Hold on to long positions taken earlier, look to add at current levels (1,650/51), stop is at 1,610/20, and target remains open.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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