Technical outlook and chart setups:
The single currency pair finally prints fresh highs close to 135.00 level last week, as expected. It is recommended to remain long, and reduce risk to 131.50 level. At the moment, the prices are finding support just ahead of the past resistance turned support region around 133.20/30 (horizontal line). It remains likely that further rally would see the prices hitting fresh highs, before a possible reversal. Resistance intermediary is at 134.70/80 region, while support is at 133.20/30 region, followed by 131.75 respectively. Overall structure still remains constructive for the bulls, look higher levels from here on. On the flip side, a break below the initial support of 131.70/75 would change out trading strategy.
Trading recommendations:
Remain long, stop is at 131.50, target fresh high.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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