Technical Outlook and Chart Setups:
Prices bounced off from 113.50/60 levels yesterday, well above 113.00 level which is immediate support for now. Further support levels are 111.00, 106.00 and lower, as depicted here. Resistance still is not before the Fibonacci level of 117.80/90 and further up to 120.00. It is recommended to hold long positions taken earlier, also look to add further during intraday dips. Please note that 111.00 level is also past resistance turned support now, hence it remains a possibility that correction extends further. Looking higher for now.
Trading Recommendations:
Hold on to long positions, build further at current levels (114.40). Stop is at 113.00 or breakeven for positions taken earlier. Target is at 117.80/90.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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