Technical outlook and chart setups:
As depicted on the short term chart view here (1H), the single currency pair probably completed the first leg of the expected 3 waves correction yesterday. A rally towards the 125.90 region is expected to for today, it is also re-enforced by the Fibonacci 0.618 resistance level. Support is around the 123.00 region followed by 121.50 and lower. It is recommended to prepare to go short today, by selling intraday rallies towards the 125.90 region. Looking lower for the short term.
Trading recommendations:
Sell around 125.90, stop is at 127.50, and target is at 122.50 and 120.00.
Good Luck!
The material has been provided by Instaforex Company - http://www.instaforex.com/
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