Technical Outlook and Chart Setup:
The single currency pair registered an intraday low yesterday before pulling back. As depicted above, yesterday’s candle is a "Hammer". We are still not ruling out of a pullback rally to materialize towards the retracement levels of at least 98.00/98.50. Fresh sell entries will be triggered there. Intermediary low is placed at the last swing low near 95.50 level while resistance starts from 98.00 level.
Trading Recommendations:
1. Aggressive long positions can be held for now with stop at 95.00. Target 98.50. Reverse entry on stop trigger.
2. Conservative approach would be to wait for a sell entry at 98.50.
Good Luck!
