Technical Outlook and Chart Setups:
Structure remains unchanged from what was discussed and laid out yesterday in the 4 hour chart. The single currency pair seems to be setting up a base for a run through 98.00/98.50 levels in the upcoming 1-2 weeks. A new low can be expected today or tomorrow before the rally resumes. We, therefore, recommend fresh buying on dips today. Intermediary support is placed at 95.50 while resistance is at 97.30/40 levels. Please, keep in mind that we are running into the last major swing of the bearish trend and the rally from 94.00 levels can be just defined as a counter trend at the moment.
Trading Recommendations:
Hold on long positions, and build by buying intraday dips, target at 98.00 levels
Good Luck!
