The single currency pair has broken out pennant formation as discussed yesterday and has again produced a bullish break. The 133.00/10 resistance has now been taken off and we have been stopped out; it is recommended to remain flat for now. As depicted here, the wave structure extends to 135.00 level on the higher side from here on. Immediate support is at 131.00, followed by 129.00; and till the time prices stay above 131.00, bulls shall stay very much in control and print higher highs. Buying on dips towards 132.70/80 levels could be recommended but risk would be below 131.00. Conservative traders should remain flat for now and look to sell on a reversal confirmation.
Trading recommendations:
Flat for now. Aggressive traders could go long on dips towards 133.00/132.70/80, stop is at 131.00, and target is at 135.00.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The single currency pair has broken out pennant formation as discussed yesterday and has again produced a bullish break. The 133.00/10 resistance has now been taken off and we have been stopped out; it is recommended to remain flat for now. As depicted here, the wave structure extends to 135.00 level on the higher side from here on. Immediate support is at 131.00, followed by 129.00; and till the time prices stay above 131.00, bulls shall stay very much in control and print higher highs. Buying on dips towards 132.70/80 levels could be recommended but risk would be below 131.00. Conservative traders should remain flat for now and look to sell on a reversal confirmation.
Trading recommendations:
Flat for now. Aggressive traders could go long on dips towards 133.00/132.70/80, stop is at 131.00, and target is at 135.00.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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