Technical Outlook and Chart Setups:
A 4H view has been presented here to have a closer look at the pennant structure which has been formed since several trading sessions and a possible breakout. As depicted here, one can clearly observe a decreasing resistance (116.00... 115.50...) and constant support (113.50/60) type pennant/sideways movement development. The prices are currently testing the upper boundary of the structure at the moment near 114.90/115.00 levels. A break higher would certainly push the prices to the next resistance level at 118.00; while a bearish formation would again bring it down to 113.50/60 levels. It is recommended to buy fresh on a break higher, and sell on a test and reversal.
Trading Recommendations:
Hold on to long positions taken earlier, stop is at 113.00, and target is at 117.90/118.00.
Good Luck!
