Technical outlook and chart setups:
The single currency made a low at 117.30 yesterday, that triggered measured stops at 117.50. Immediate support is at 116.40 level, followed by 115.00 (past resistance) and below 114.00, while Fibonacci resistance extends possibly till 121.00 level. Till the time 116.40 level remains intact, a possibility remains for a push through 121.00 before finally giving it up. Hence it is recommended to go long again (118.05/08). Yesterday’s lows also converge at Fibonacci 0.786 support level as depicted here. 116.40 remains key.
Trading recommendations:
Go long (118.00), stop is at 116.50, and target is at 121.00.
Good Luck!
