Technical outlook and chart setups:
The wave structure here remains unchanged as depicted. Immediate support is at 31.80 level, followed by 31.00, 30.00, and 29.20, while immediate resistance is at 32.50, followed by 33.80, and 34.30.40. Also it should be noted that the prices have broken out of the counter downtrend line, as depicted here. Keeping into consideration the daily trend structure, it is highly recommended to hold earlier long positions and utilize intraday dips as buying opportunities. The prices remained just shy of the resistance at 32.50 yesterday and it is expected to break above soon. Immediate trend line support arrives at 31.50/60 region today.
Trading recommendations:
Hold on to long positions taken earlier, book partial profits above 32.50. Stop is at 3.00 and target remains open.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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