Technical Outlook and Chart Setups:
As depicted above, there are no significant changes in the structure from what was discussed yesterday. The 3 wave decline from 108.00 seems to have ended at 105.50, where prices are also well supported by resistance that had turned a support line. This rally is expected to be in 5 waves and should reach 109.25 and 110.00 as projected above. The single currency should be well supported at 104.50 and 105.00 levels from here on.
Trading Recommendations:
Bought around 106.00 levels earlier, stop at 104.50, target at 109.00 and 110.00.
Best Regards,
The material has been provided by Instaforex Company - instaforex.com
