Technical outlook and chart setups:
There is no change at all in the wave structure, as seen here. The single currency pair has once again re-tested the sloping resistance line, in last 2 trading sessions and is back in the sell zone. This test should probably be the last one, before the pair collapses. It is highly recommended to remain short in the counter, and also build on intraday rallies. Resistance is between 130/50 and 131.00 levels, while support is at 128.00 and 125.00. The bears would really want to target below 125.00 level, towards at least 123.00 in the coming trading sessions. Bottom line: Remain short for now; and keep the trading strategy to sell rallies against buying lows.
Trading recommendations:
Remain short for now, stop is at 131.30/40, and target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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