Technical outlook and chart setups:
The currency pair seems to have been consolidating during the last two sessions, after reaching a high of 1.33. It is recommended to keep long positions if you have taken them earlier.The support levels begin from 131.00, followed by 129.00, 128.00 and at 125.00; while resistance is at the 135.00 levels respectively. The entire structure depicts that the pair should remain bullish, as long as prices are above 131.00. In the short term, prices may fall back and test support at the 131.00 levels, before rallying further towards the 136.00 levels. Fresh buying should be made on a retracement/dip from the current levels.
Trading recommendations:
Remain long, stop is below 131.00, target is at 136.00 and higher.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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