Technical outlook and chart setups:
As seen on the 4H chart view here, overall bullish structure remains intact with no major support/resistance levels breached at the moment. Prices have retraced closer to 123.00 level and they are expected to resume rally again towards 125.00 level and higher. As shown here, the intermediary support is intact at 119.00 level, followed by 117.00, 116.50, and 114.00; while resistances are lined up at 127.00 and 127.90 respectively. We have shown the recent wave structure unfolding here with a=119.00, b=126.00 and c=121.50, with a d projection at 128.00 and higher. It is therefore recommended to remain long from earlier positions and add further at current levels if possible. Looking higher from here on.
Trading recommendations:
Remain long, stop is below 121.00, target are at 128.00 and target above 130.00 remains possible.
Good Luck!
