Technical outlook and chart setups:
The single currency pair has broken immediate line of support as depicted on the 4H chart view here. 132.75/80 levels should provide strong support for now. It seems the prices are just about carving out a head and shoulders reversal, where the right shoulder could be formed between 132.10/40. It is therefore recommended to remain short and also initiate fresh short positions now (132.00/05). As shown here, the pair could be targeting towards 128.50 level according to Fibonacci extensions. This could also prove to be a major reversal well below 128.00 level. Bottom line: 132.70/75 should remain intact for the bears to stay on top. Looking lower from here on.
Trading recommendations:
Hold on to short positions and add further, stop is at 133.00/10, and target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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