Technical outlook and chart setups:
As seen on the daily chart view, the structure remains unchanged for now. Prices have stalled at the following convergence/confluence: - Fibonacci 0.786 retracement of the upswing from 1550.00 to 1798.00 - Fibonacci extension (1.618 or 61.8%) of the down swing from 1798.00 to 1672.00 - Past Resistance Turned Support levels. These facts still confirm that the bullish scenario remains intact for now and prices should gain momentum from here on. Therefore, it is recommended to remain long from last week.
Trading recommendations:
Stay long 50% from earlier, also add remaining 50% as close to 1,596-1,600, stop is at 1,550, and target is open (fresh swing highs).
Good Luck!
