The single currency pair has bounced off 125.00 level, strongly, in the last trading session. Also, as shown here, the region is re-enforced by the past resistance turned support and the 0.5% Fibonacci support of rally between 119.00 and 131.00. Currently it is trading well above 128.00 level, the pair could be preparing to print fresh highs possibly towards 135.00 and higher. If it is not a fresh high, then at least 130.00 level is minimum measured target for the pair from here. Supports are fixed at 124.00, 122.00, and 119.00 for now. The structure would either be an extension towards fresh highs or a possible reversal from sub 130.00 level. Either ways are looking higher for now.
Trading recommendations:
Remain buy from yesterday, stop is below 125.00, target is open, but book partial profits around 130.00.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The single currency pair has bounced off 125.00 level, strongly, in the last trading session. Also, as shown here, the region is re-enforced by the past resistance turned support and the 0.5% Fibonacci support of rally between 119.00 and 131.00. Currently it is trading well above 128.00 level, the pair could be preparing to print fresh highs possibly towards 135.00 and higher. If it is not a fresh high, then at least 130.00 level is minimum measured target for the pair from here. Supports are fixed at 124.00, 122.00, and 119.00 for now. The structure would either be an extension towards fresh highs or a possible reversal from sub 130.00 level. Either ways are looking higher for now.
Trading recommendations:
Remain buy from yesterday, stop is below 125.00, target is open, but book partial profits around 130.00.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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