Technical outlook and chart setups:
The currency pair is setting up for an extension above 130/132 levels in the sessions to come. It is recommended to remain long for now and continue buying on dips further. Resistance is at 123.00/50 and 133.80/134.00; while support is 128.00 (intermediary), followed by 125.00 and 119.00 respectively. An increasing support wedge seems to be forming which favors break out on the north side. A push through 132.00 would confirm the same. On the other side, only a drop below 128.00 levels would be a concern for bulls. Looking higher for now.
Trading recommendations:
Remain long, set stop below 128.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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