Technical Outlook and Chart Setups:
There is no significant change from what we presented yesterday. The single currency is moving between 107.00 and 107.50, looking for a trigger to break out. The intermediary low/support is at 106.20/30 while intermediary resistance at 108.00 levels. The structure presented above is of a 4 Hour chart which is indicative of a possible upswing from here on. Our measured upside targets will be 109.30 and above. Till the time prices remain above 104.50, the overall structure remains bullish. We recommend to look for opportunities to buy on dips. Support is strong at 104.50.
Trading Recommendations:
It is suggested to buy between 105.50 and 106.00, Stop at 104.50, Targetting 109.25. Hold on to longs, buy on dips.
Best Regards,
The material has been provided by Instaforex Company - instaforex.com
