Technical outlook and chart setups:
The single currency pair seems to have completed retracement/pullback from the preferred resistance above 120.00, around the 116.50 region. This level is further re-enforced by the 0.5 Fibonacci support of the latest upswing between 114.00 and 120.00, as depicted here. Trendline support is at 114.00, while the next Fibonacci supports are at 116.00 and 115.00 respectively. Resistance is above 121.00 level, which is the Fibonacci extension. It is recommended to go long now (117.19), for further upside possibility above 120.00. Looking higher from here.
Trading recommendations:
Buy now (117.19). Stop is at 115.50. Target is above 120.00.
Good Luck!
