Technical Outlook and Chart Setups:
As depicted on 4H chart, the single currency pair behaved in line with short recommendations of 126.00 level yesterday. It is still possible that a fresh high (as shown here) is taken before reversing sharply. Intermediary support is in 123.50 region while resistance is at 127.90/128.00. At the moment, recommendations are to cover short positions taken yesterday since the prices have stalled around 124.80 area, re-enforced by Fibonacci support level. A bullish bounce here could possibly stage an impressive rally towards 129.00 level.
Trading Recommendations:
1. Book profits on short positions taken from 126.00 level.
2. Aggressive traders could go long at current value 125.30, stop at 123.00, target 129.00
Good Luck !
The material has been provided by InstaForex Company - www.instaforex.com
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