Technical outlook and chart setups:
We are having our focus on the larger picture depicted here on the daily chart view. As seen here, the prices are supported between Fibonacci supports of 0.618 (1626.00) and 0.786 (1,580.00), and bouncing back. A possible morning star bullish signal is underway, which would technically confirm bullish reversal and that a bottom has been formed at 1,596.00. Furthermore, 1,596.00 is also re-enforced by Fibonacci support (extension of downswing from 1,798.00 to 1,680.00). Keeping all these facts into consideration, it is still highly recommended to go long at least 50% capacity.
Trading recommendations:
Hold on to the 50% long capacity taken yesterday, add the remaining as close to 1,595.00 (if prices are reached there), stop is at 1,550.00, and target is open (fresh swing highs).
Good Luck!
The material has been provided by InstaForex Company - www.instaforex.com
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