Technical outlook and chart setups:
The single currency pair is again trading sideways, this time a diamond pennant is forming on the top side of trading swing. As depicted here, a bullish break above resistance line would take prices higher towards 136.00; while a bearish break below support line would take prices to at least 128.00 level from here on. It is recommended to remain short from last week, but add further short positions on a breakdown. Fresh positions should be taken on a break of either direction. Resistance is at 132.50/60 and 133.00/10 while support is at 131.50/60 followed by 131.00 within the pennant formation. Bottom line: Probability of a bearish breakout remains high at the moment.
Trading recommendations:
Remain short on positions taken earlier, stop is at 133.10, and target is open. Fresh positions could be taken on a break.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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