Technical Outlook and Chart Setups:

Yesterday’s drop proved to be a test, as it was expected. The price followed through and it that has been quite impressive. The single currency pair is trading comfortably above the 101.00 mark and it is expected to rise further up at least around 102.00/50 levels, as depicted above. Please note that potential still remains for the prices to register higher highs, if it rises through 103.50 level. At the moment it is recommended to focus on the short term bullish opportunity towards 102.00/50 levels, and consider buying intraday dips. Intermediary support is around the 100.20/30 mark while resistance is around 102.70/80 levels. Looking higher for now.

Trading Recommendations:

Hold on to long positions taken earlier, buy intraday dips, stop at 100.00, and target 102.50.

Good Luck!