Technical outlook and chart setups:
The currency pair has clearly broken the cone consolidation, which was discussed last week. Also, prices have exceeded the resistance at the 101.50 levels; it is recommended to remain long on positions taken earlier and also look to add further on dips from here on. Immediate support is the 99.60 region, followed by 98.00, 97.00 and 96.00; while the major resistance is above 103.00 respectively. The structure reveals that next upside extension should be way above the 103.00 levels, possibly towards 110.00 also. Simple trading strategy should be buy-on-dips from now on.
Trading recommendations:
Remain long, stop below 99.60, target is open.
Good luck!
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