Technical outlook and chart setups:
As depicted on the daily chart view here, structurally, there is no change in the direction or bullish setups. The recent downswing from 32.50 seems to have been completed ahead of the swing lows at 29.22 and is in 3 waves. Support at 29.22 holds well for now, and bulls should be now poised to break through higher. Immediate resistance is seen at the 32.50 region from here. It is recommended to hold long positions and finally add the remaining capacity if possible now. Looking higher from here on.
Trading recommendations:
Hold on to long positions, add further now (30.00/05), stop is at 29.00, and target is open.
Good Luck!
The material has been provided by InstaForex Company - www.instaforex.com
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