Technical outlook and chart setups:
The single currency is being supported by 133.00/10 region, the past resistance turned support zone. It is recommended to remain long and also add further now. Intermediary resistance is the 134.70/80 region, while support is at 131.50/75 respectively. A bullish bounce is warranted around current levels, which is also re-enforced by the Fibonacci 0.382 retracement levels of recent upswing from 131.50/75 to 135.00 level. The overall structure suggests that another rally should print higher highs above sub 135.00 level before any change in trend takes place. The rising trend line support is also around 133.00 region at present.
Trading recommendations:
Remain long, add further positions, stop is at 131.50, and target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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