Technical Outlook and Chart Setups:
A 4H Chart view has been presented here to take a closer look of price action since last 4 trading sessions. As depicted here, please note the following:
1. The single currency pair is in an uptrend carving out higher highs and higher lows. Immediate trendline support is just above 112.00 here.
2. There has been a pennant formation since last few trading sessions as seen here. It is a decreasing resistance and constant support type sideways/pennant formation.
3. Support range is 113.50/60 region (please note it is bouncing off on the higher side from this level), while resistance is dropping from 116.00 to 115.50 levels. A bullish breakout will be confirmed when prices break 115.00/20 levels.
Trading Recommendations:
Hold on to long positions, stop is at 113.00, target is at 117.90/118.00.
Good Luck!
