Technical Outlook and Chart Setup:
Let’s have a look at the wave chart above.
1. The single currency pair is in its final stage down towards 94.00 and 93.00 levels.
2. An intermediate downswing structure seems to be done at yesterdays' low 96.30/50 levels.
3. An upswing may materialize towards 98.50-99.00 levels before the final downswing resumes. 98.50 is regarded as past support turned to resistance now. Intermediary support now comes in at last swing low near 95.50. We are expecting the upswing first, then the downswing to materialize.
Trading Recommendations:
1. Cover yesterdays' short positions, if taken.
2. Short term aggressive trading strategy would be to Buy now, stop at 95.00, target at 98.50/99.00
3. More conservative approach would is expected for a short entry at 98.50/99.00 levels
Good Luck!
