The currency pair has broken the immediate down trend line as depicted here. Also the initial resistance levels near .9200 has been cleared by bulls. A pullback should be expected now, around 0.9030 levels now, before resuming the rally. It is strongly recommended to buy around 0.9050 levels now, with upside extensions towards 0.9050 levels. Intermediary support is just below 0.9000 levels and dips should remain well capped above that; while resistance is now at 0.9450 levels respectively. The overall structure is unfolding as an inverted head and shoulder, and its right shoulder is around 0.9030 ideally. Looking to buy aggressively on dips.
Trading recommendations:
Buy 50% now and remaining 50% at 0.9030/50, stop at 0.8900, 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 broken the immediate down trend line as depicted here. Also the initial resistance levels near .9200 has been cleared by bulls. A pullback should be expected now, around 0.9030 levels now, before resuming the rally. It is strongly recommended to buy around 0.9050 levels now, with upside extensions towards 0.9050 levels. Intermediary support is just below 0.9000 levels and dips should remain well capped above that; while resistance is now at 0.9450 levels respectively. The overall structure is unfolding as an inverted head and shoulder, and its right shoulder is around 0.9030 ideally. Looking to buy aggressively on dips.
Trading recommendations:
Buy 50% now and remaining 50% at 0.9030/50, stop at 0.8900, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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