As depicted here, the currency pair has held the short-term support trendline well till now. Furthermore, prices have bounced off the 0.618 fibonacci support around the 131.00/20 levels. Hence, it is recommended to hold the remaining long positions for now. Immediate support is now seen at 132,60, followed by 131.20/25 and strong support at the 129.90 levels, while resistance is at 135.00, respectively. The overall structure remains bullish for now and buying on dips is encouraged. Looking to print fresh highs till 131.00 remains intact.
Trading recommendations:
Remain long for now, stop at 131.00
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
As depicted here, the currency pair has held the short-term support trendline well till now. Furthermore, prices have bounced off the 0.618 fibonacci support around the 131.00/20 levels. Hence, it is recommended to hold the remaining long positions for now. Immediate support is now seen at 132,60, followed by 131.20/25 and strong support at the 129.90 levels, while resistance is at 135.00, respectively. The overall structure remains bullish for now and buying on dips is encouraged. Looking to print fresh highs till 131.00 remains intact.
Trading recommendations:
Remain long for now, stop at 131.00
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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