Technical outlook and chart setups:
As seen on the Daily chart view presented here, the single currency pair has managed to take off resistances at 127.00 and 127.90 and printed fresh highs around 128.50. It is recommended to take profits now (128.30) and remain flat for now. Looking into the wave structure here, 119.00 level is now immediate strong support, and this rally still has potential to extend towards at least 130.00. Higher levels are 131.00 and 132.00 from here on. Fresh buying opportunities are on dips towards 127.00 but it is too early to judge that. It is suggested to keep watching on daily chart for 1-2 days before a clear buy opportunity appears again. Bottom line: Remain flat till meaningful dips provide fresh opportunities.
Trading recommendations:
Book profits on long positions taken earlier. Remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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