Technical outlook and chart setups:
As seen here on the Daily Chart view, the prices have bounced off the immediate line of support near 123.00 level last Friday. At the moment, the external line of support is passing through 106.00 level. Only if the immediate support line breaks in the sessions to come, we should think of further possibilities. Currently, 123.00 is immediate support, followed by 121.00 level on the downside; while 129.00 and 130.00 are Fibonacci levels of resistance on the higher side. It is recommended to hold long positions for now.
Trading recommendations:
Hold long positions from last week, stop is at 121.00, and target is at 129.00.
Good Luck!
The material has been provided by InstaForex Company - www.instaforex.com
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