Technical Outlook and Chart Setups:
The rally from 100.20/30 levels has fetched almost 500 pips. It is recommended to book around 50% profits for long positions taken last week. Furthermore, as depicted above, immediate support is at 104.00 level, followed by 103.50 and 103.00 respectively. Minor resistance is to be faced at 106.50/60 levels, while strong resistance is at 108.00 level. A meaningful pullback should be materialized, once the prices reach 108.00 level. Please restrain from fresh buying at the moment; a dip closer to 105.00 will be ideal to buy again. Still looking higher from here on.
Trading Recommendations:
Hold on to long positions taken earlier, move stop at 104.00 from 103.00. Target 1 is at 106.50, target 2 is at 108.00. Please keep taking partial profits and re-enter buying again.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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