Technical outlook and chart setups:
The currency pair is seen breaking out of cone consolidation here. It is recommended to buy on dips towards 99.60/80 levels on the downside now. It is the backside of resistance line, which is support now hence ideal to buy between 99.60/80 levels now. Higher up resistance levels are seen at 101.00 and 103.00; while supports are at 98.00, followed by 97.00 and lower. Please note that sideways breakouts are quite aggressive and powerful and tend to cross barriers quickly. The overall structure indicates a bullish breakout here with upside extending towards 110.00 levels possibly. Looking to buy on dips aggressively.
Trading recommendations:
Aggressive traders, buy 50% now (100.35) and remaining 50% on test of the backside around 99.60/80, set stop below 98.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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