Technical outlook and chart setups:
As depicted here, the single currency pair produced an Engulfing Bearish ahead of the 120.00/10 region. At the moment, prices seem to be retracing the fall and should face resistance around the 119.90 region. Looking into the risk/reward ratio, it is recommended to initiate short positions at current levels, 119.90/92. The single currency pair is expected to correct in 3 waves towards the 118.20/30 levels at least. A higher Fibonacci resistance is at 121.00, while support is at 118.80 and then 117.50/60 respectively. Looking lower for now.
Trading recommendations:
Short now (119.90/92), stop is at 120.45. Target is at 118.20.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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