Technical Outlook and Chart Setups:
The 4H chart view is depicted here and 107.00 resistance level still holds good. At the moment it can be considered that prices are stalling out at the 0.618 resistance at 106.30 level. It is still recommended to go short and hold on positions taken earlier. As depicted on chart, measured downside extensions are around 104.75 and 104.25. Resistance remains at 107.20/30 level, followed by 108.00 while support will be offered by 104.00 level, followed by 103.00 and 100.50 respectively. Looking lower from here on.
Trading Recommendations:
Remain short from positions taken earlier, build further short positions now, stop around 107.50, and target is at 104.50.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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