The currency pair has bounced off the fibonacci 0.618 retracement levels recently, of the rally between 131.00 and 135.00. It is recommended to remain long on positions taken yesterday and also buy on further dips as long as prices are above 131.00. This is immediate support (131.00), followed by 130.00/129.00 and lower; while intermediary resistance is fixed at 135.00 respectively. As seen here, immediate line of support is still intact, so one should consider buying on dips as a safe trading strategy for now. On the other hand, a break of the trend line and subsequently 131.00 would shift our focus to selling on rallies.
Trading recommendations:
Remain long for now, stop at 131.00, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The currency pair has bounced off the fibonacci 0.618 retracement levels recently, of the rally between 131.00 and 135.00. It is recommended to remain long on positions taken yesterday and also buy on further dips as long as prices are above 131.00. This is immediate support (131.00), followed by 130.00/129.00 and lower; while intermediary resistance is fixed at 135.00 respectively. As seen here, immediate line of support is still intact, so one should consider buying on dips as a safe trading strategy for now. On the other hand, a break of the trend line and subsequently 131.00 would shift our focus to selling on rallies.
Trading recommendations:
Remain long for now, stop at 131.00, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: