Technical outlook and chart setups:
The structure remains quite simplified at the moment, with the currency pair consolidation within the cone structure. As depicted here, prices are bouncing off the resistance and support lines; which are passing through 132.00/20 and 129.50 at the moment. It is recommended to remain long with risk just below 129.00 as a push above 132.00 would confirm bullish breakout. Higher, resistance is placed at 132.50 and 133.80/134.00 while support is at 129.00, 128.00, 125.00 and lower respectively. Looking to push higher for now.
Trading recommendations:
Remain long, stop at 129.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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