Technical outlook and chart setups:
As seen in the 4H chart view depicted here, the single currency pair broke support at 124.00 level last week before close. It is quite evident now that an intermediary top is in place near the 127.90/128.00 region, which would act as resistance now. The single currency pair is now expected to rally towards 126.00 levels immediately, before reversing sharply. This region is also re-enforced by Fibonacci 0.618 resistance of the fall from 128.00 level. It is recommended to go long for the short term now.
Trading recommendations:
1. Long now (123.87), stop is at 123.00, and target is at 126.00.
2. Short at 126.00, stop is at 128.30, 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: Rally scheduled towards 126.00 before reversing . Thanks for your support on EurJpy: Rally scheduled towards 126.00 before reversing
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