Technical outlook and chart setups:
Looking into the 4H chart setups, the single currency pair seems to be locked in a 100 pip trading range between 124.00 and 125.00 levels. After having taken out resistance at 126.00, the overall wave structure remains constructive for bulls till prices remain above 124.00. On the flip side, support region is around 123.50/60 region as depicted here. It is also re-enforced by the backside of sloping downtrend line, which would act as support. Hence, even if prices retrace down to sub 123.00 level, it would be good to build long positions again. At the moment, it is recommended to remain long, expecting bulls to challenge higher up resistance levels near 127.00 and 127.90 levels.
Trading recommendations:
Stay long for now, book partial profits if possible, stop is at 123.50, and target is open.
Good Luck!
The material has been provided by InstaForex Company - www.instaforex.com
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