Technical Outlook and Chart Setups:
The single currency pair seems to be in a 3 wave correction from the fall that begun recently from 107.90 level. At the moment it is probably constructing the wave 2, which is towards 107.10/20 levels within 3 waves correction. The third wave is expected to end near 105.00 region, re-enforced by past support as well. In short, the trend is up and it is recommended to buy aggressively around the 105.00/50 mark. Current long positions should be closed around 107.00 level for short-term trading. Immediate resistance will be around the 107.10/20 levels, while support is around the 105.00 mark.
Trading Recommendations:
Exit the current long positions taken at 107.00.
Good Luck!
