Technical outlook and chart setups:
As seen on the 4H chart view here, the single currency pair seems to have again tested 119.00 level before bouncing back. Shorter timeframes indicate a possible pullback rally from here on. As shown here, the immediate/intermediary support is just below 119.00 level and it has held till now. As we have been discussing earlier, even if prices were to fall back towards a low (below 119.00), the 3 wave counter trend structure needs to be completed. Hence a minimum lower high should form above 126.00 level in the coming sessions. Only a break below 118.50 from here would nullify a possibility of the rally. Till then, it is recommended to remain long. Resistance is seen at 124.00 level, followed by 126.00, 127.90, and 128.00; support is at 119.00 level, followed by 117.00, 116.00 and lower. We shall discuss the larger wave structure if 118.75 is broken today.
Trading recommendations:
Stay long for now, stop is at 118.40/50, and target is 126.00 at minimum if not higher.
Good Luck!
