Technical outlook and chart setups:
Looking into the 4H chart view here, the single currency pair has been holding 119.00 support level well till now. We are looking for a bottom formation possibility around 120.00 level for an extended rally further ahead. The extensions for rally from 119.00 level to 126.00 are pointing towards 130.00 at least. For this to be confirmed, prices need to rally above 122.50 level. Even if prices do not register fresh highs, a 3 wave structure would be required to be complete before falling down further below 119.00 level. Resistance is lined up from 124.50, followed by 126.00, 127.00, and 127.90 on the higher side. Support remains fixed at 119.00 as immediate level, followed by 117.50 and lower. It is recommended to remain long for now, till prices are above 119.00.
Trading recommendations:
Remain long, stop is at 118.50, and target is open.
Good Luck!
The material has been provided by InstaForex Company - www.instaforex.com
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