Technical outlook and chart setups:
As seen on the 4H chart view here, the single currency has been trading lower after breaking the support trendline before gaining momentum yesterday. Initial chart resistance is at 125.00 level, while intermediary support is around 120.00 and then 119.00 respectively. Our minimum upside expectations would be 123.70/75 from here on. The same region is encountering the down trendline as shown here. A break above 124.00 would prove to be further bullish for the counter and raise prices towards 126.00 and 127.00 as shown here. It is recommended to remain long at least for now. Keep 123.70/75 in sight.
Trading recommendations:
Remain long for now, move to 121.00, and target is at 123.75.
Good Luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via EurJpy rally extends above 122.00. Stay long for now and reduce risk... . Thanks for your support on EurJpy rally extends above 122.00. Stay long for now and reduce risk...
No comments:
Post a Comment