Technical Outlook and Chart Setups:

As we can observe on the 4H chart here, the single currency pair has rallied past the resistance at 126.00 and simultaneously tested the backside of the sloping trend line, which should act as support now. After breaking the uptrend line, prices seem to have formed strong base around the 119.00 mark, support for the next larger move upwards. It is followed by 117.00 and 116.00 levels respectively as strong supports. On the upper side, the next lined up resistance comes in at 127.00 and 127.90 region respectively. It is recommended to take fresh long positions on intraday corrections towards possibly 124.00 levels. It is to be noted that buying in full capacity should be avoided considering the fact that prices are at swing highs and a deeper correction (3 waves) still remains possible towards 122.00 levels. Bottomline: till prices are above 120.00 levels, intraday dips could be considered as buying opportunities.

Trade Recommendations:

Flat for now. Looking to buy intraday dips.

Good Luck!