Technical outlook and chart settings:
As seen on the chart here, the currency pair spiked close to 130.00 yesterday, as expected, before pulling back sharply. It was recommended to initiate 50% short positions around 128.00 and the remaining around 129.50/130.00. Major resistance levels are 130.00/50 and 131.00; while immediate intermediary support is 127.90, followed by 125.00 and lower. The currency pair is expected to trade lower and hence selling rallies would be the trading strategy for now. On the other hand, a rally past the sloping resistance line shall see prices printing another high around 132.00 before reversing. Considering the risk/reward ratio, the best is to sell rallies for now.
Trade recommendations:
Hold on short positions, stop at 131.30, target open.
Good luck !
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via EUR/JPY rallied up to 130.00 yesterday before pulling back providing short opportunities . Thanks for your support on EUR/JPY rallied up to 130.00 yesterday before pulling back providing short opportunities
No comments:
Post a Comment