Technical outlook and chart setups:
As shown on the 4H chart view here, prices have bounced off the trendline that extends long-term support around 123.00 mark. Intermediary support is at 123.00 at the moment, followed by 121.00, while resistance is spread across 126.00, 127.90/128.00, and 129.00 respectively. It is recommended to hold on the long positions taken last week around 123.20/30 region for an extended rally. Intraday dips could be considered as opportunities to go long again.
Trading recommendations:
Hold on to long positions taken earlier, add longs on intraday dips. Stop is at 122.00 and target is at 129.0
Good Luck!
The material has been provided by InstaForex Company - www.instaforex.com
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