Technical outlook and chart setups:
As depicted on the 4H chart view here, the structure remains more or less unchanged from yesterday. The single currency pair printed intraday highs at 126.00 and has been retracing down since then. As seen here, immediate support is just below 124.00 level, followed by 120.00 and lower. If 124.00 is held well, the prices are expected to cross 127.00 level in the coming few trade sessions. A break of 124.00 would bring down prices between 122.00 and 123.00 and would delay matters to further bullish scenario. At the moment, it is recommended to hold or go long with an upside target of 124.40.
Trading recommendations:
Go long or hold long positions, stop is at 123.50, and target is at 127.40.
Good Luck!
