Technical Outlook and Chart Setups:
The single currency pair has bounced off the lows registered on Friday around 113.60/70. At the moment, prices are re-tracing and expected to bounce back further up. Immediate short-term support is seen at 114.20/30 followed by 113.60/70 (Friday low) and 113.00. Intermediary resistance is at 115.90 followed by 117.90/118.00 and 120.00 plus. It is recommended to hold long positions taken earlier and also build further longs around current levels (114.30). Looking higher from here on.
Trade Recommendations:
Hold on to long positions taken earlier, stop @ 113.00, target at 117.80/90.
Good Luck!
