Technical Outlook and Chart Setups:
As depicted here, the structure remains fairly unchanged since the last 3 trading sessions. In fact, the currency pair seems to be bouncing back from the 111.00/110.50 region which is past resistance turned support now. A push through recent highs around 112.00 region will take it further up to 114.00 and higher. Intermediary support is at the 110.50/60, while resistance is through the 114.00 range. If prices fall back below the 110.50 levels, it remains quite possible that 109.50 would be in focus. Look to buy on dips.
Trading Recommendations:
Look to go long around 109.50, 110.00 region, or on a break above 112.00, target would be 114.00.
Good Luck !
The material has been provided by Instaforex Company - instaforex.com
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