Technical outlook and chart setups:

The single currency pair has been trading near lows/supports since last 2 trading sessions now. Nevertheless, the overall structure remains the same as depicted on the 4H chart view here, till our measured immediate support at 118.75-119.00 remains intact. In the short term charts indicate a bounce on the higher side from current levels in order to complete 3 wave counter trend structure. As shown here, the counter trend structure should end above 126.00 level, completing 3 waves. Supports are spread through 118.75/119.00 levels, followed by 117.00, 116.00 and lower, while resistances are spread from 124.00 level, followed by 126.00, and 127.00/90 respectively. It is recommended to hold long positions till the prices are clearly trading above 118.75. Looking higher from here on.

Trading recommendations:

Remain long, stop is below 118.50, and target is open.

Good Luck!