Technical Outlook and Chart Setups:
The structure for single currency pair remains constructive for bulls. As depicted above, 103.00 level remains key support for this rally to continue further. Resistance at 104.50/60 was cleared yesterday; next major resistance is now at 108.00 level. It is recommended to consider intraday dips as opportunities to take fresh long positions and/or add further longs. Please note, that 103.00 level, which was backside test, remains strong support and until the prices are above it, expect higher highs to be carved out. Looking higher from here.
Trading Recommendations:
Hold long positions taken earlier (100.50), buy on further intraday dips, stop at 103.00, and target open.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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