Technical outlook and chart setups:
Looking into the structure, it remains unchanged from what was discussed yesterday. It needs to be noted here, that prices are bouncing off from the short-term support line ahead of 124.00. This should be encouraging for bulls to rally further beyond 126.00 level in the sessions to come by. The next lined up resistances are at 127.00 and 127.90; while intermediary support is just below 124.00, followed by 121.00 and 119.00. Strong swing supports are at 117.00 and 116.50 levels respectively. It is still recommended to hold long positions for a push ahead of 126.00 and challenge the swing highs at 128.00. As seen here, the uptrend line, which was broken earlier, is also providing the necessary space and angle for prices to rally further. Looking higher for now.
Trading recommendations:
Stay long, stop is at 123.50, and target is open.
Good Luck!
