Technical Outlook and Chart Setup:
We are still focused on the 4H chart depicted above. Intermediary support is provided by 106.00 and 106.30 levels while the strong support is seen at 104.50 level. Intermediary resistance level is provided seen at 108.00 levels. Yesterday the prices have tested support levels and pulled back sharply. The overall structure remains very much constructive for building long positions. Our minimum expectations on the upside remain at 109.20/30 levels and 110.00 levels in the coming sessions. It is recommended to remain long and open fresh long positions.
Trade Recommendations:
Maintain long positions with stop at 104.00 levels and targetting 109.20 levels.
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