Technical outlook and chart setups:
The currency broke out of the falling trendline resistance and back tested it, which is support now. A bullish reversal remains grave possibility from here on and 0.9050 region should hold well in the coming sessions. As depicted here, the 0.618 fibonacci support is at 0.9020/30, which should be the maximum downside if prices reach there. It is recommended to remain long and also look to add further at the current levels (0.9100). As seen here, support is at the 0.89 levels now and resistance is at 0.9250 (intermediary) and 0.9450 levels respectively. The structure reveals at least a 3 wave rally towards 0.94/95 from here on.
Trading recommendations:
Remain long, stop is at 0.89, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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