Technical outlook and chart setups:
As depicted on the 4H chart view here, the single currency pair has rallied past the 126.50 mark comfortably as it was expected. According to the weekly chart, a major resistance is now at 127.90/128.00 levels, hence it is quite possible that a last rally takes out 127.90 level before the prices finally give up. Looking into the smaller timeframes we may conclude, the charts have already been overbought and a technical correction is required now. Immediate price support on the chart is just below 122.00. It is recommended to restrict buying at the moment; rather look out for selling opportunities.
Trading recommendations:
Aggressive traders can go short 50% now and 50% if prices reach 127.90, stop is at 128.50, and target is open.
Good Luck!
The material has been provided by Instaforex Company - http://www.instaforex.com/
For detail explanation and best discovery on market trends you may visit via EurJpy: A pullback is awaited. Prepare to go short . Thanks for your support on EurJpy: A pullback is awaited. Prepare to go short
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