Technical Outlook and Chart Setups:
The single currency pair remains well bid around 101.00. It looks like a higher low has been formed earlier today around the same level (101.00), and prices are poised to break higher from here on. Furthermore, as depicted above, prices are in a cone shaped consolidating pattern since 99.50 level. A breakout (expected on the north side) will quickly take prices to fresh highs above 104.00 levels. 100.00-100.50 area is strong support now, while resistance starts at 102.00 and extends till 103.00. Bullish for now.
Trade Recommendations:
Stay long for now (from last week), stop below 99.50, and target open.
Good Luck!
