Technical Outlook and Chart Setups:
There is no change whatsoever in the above chart setup. Let’s define 2 trading strategies today. Resistance is constant near 1620/25 levels while support has been increasing since 1550 level for long now.
1. Those who wish to scalp, have got a USD 20 trading range between 1580/90 and 1615/20.
2. Those, wanting to trade one side waiting for a breakout, should buy every dip towards 1580/90 levels.
Time is the only deciding factor for a breakout scenario. It is extremely difficult to judge the timing of a breakout from the wedge above. If you observe closely the range of the wedge is getting narrow, suggest that a breakout is near.
Trading Recommendations:
Hold on to long positions taken earlier, target 1650 and 1670 minimum.
Good Luck!
