Technical outlook and chart setups:
The currency pair is bouncing from the convergence level discussed on Friday. Yesterday, there was an engulfing bullish signal, indicating further uptrend. It is recommended to remain long from Friday and maintain trading strategy on buying at dips from here to upwards. Immediate support now is a 128.00 area, followed by 125.00 and lower; while intermediate resistance is at 132.00/50 marks. Fibonacci extensions are pointing towards 135.00 levels on the higher side. A push higher through 132.00 levels would instill further confidence in the under lying up swing.
Trading recommendations:
Remain long, set stop below 128.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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