Technical Outlook and Chart Setups:
Inverted head and shoulder reversal seems to be taking shape at the moment. Since last several trading sessions, the right shoulder has been seen to be carved out and strong support is at 0.9020/30 range. It is recommended to hold long positions for now and also look to buy intraday dips towards 0.9020/30 levels. Immediate fibonacci support is 0.9030 followed by 0.9010 and 0.8900; while resistance is at 0.9200 followed by 0.9250 and 0.9450, respectively. The structure reveals that bottom formation should complete around 0.9030 levels for the bulls to continue rallying further towards a 0.9500 target.
Trade Recommendations:
Remain long, look to buy on dips as well, stop at 0.8950, target 0.95
Good Luck !
