Technical outlook and chart setups:
As depicted here, please note the following:
1. Intermediary downtrend line breaks and the prices are now targeting the outer line.
2. The first immediate resistance level at 31.50 has been taken off by bulls.
3. Minor intraday pullbacks can be expected below 31.00 before further rally begins.
4. The next lined up resistances to be taken out by bulls are at 32.50, 33.60, and 34.30 respectively.
Trading recommendations:
Trend is up. Hold long positions and add further on dips. Move stop to 30.00 level from 29.00. Target is open.
The material has been provided by Instaforex Company - instaforex.com
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