Technical Outlook and Chart Setups:
As it has been lately discussed, and depicted here, the 111.00 region of resistance has been taken out convincingly by the bulls and also registered fresh highs above that. The chart structure now suggests, a move lower should materialize any time soon. The prices are expected to reach at least 108.00 levels before a meaningful rally resumes. Furthermore, this is re-enforced by the past resistance turned support region as well. Next Fibonacci resistance comes at 118.00 level, while support begins from 106.00 and followed by 105.20 levels. It is recommended to go short during intraday rallies towards 111.50 region, to take advantage of the short-term bearish setup.
Trading Recommendations:
Short between 111.50 and 111.30. Stop is at 112.80. Target is at 108.00.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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