Technical outlook and chart setups:
A simple trend view of Daily chart has been presented here. The single currency pair has begun to show weakness since the last 2 trading sessions. Yesterday a Hanging Man was observed and today's formation till now presents the same trade signal. This could be an early indicator of a possible reversal ahead. It is recommended to initiate short positions now (1.3180/85), with an open target and defined risk above 132.60/65. A fall below 130.00 would confirm that a major downswing is underway, and a break of 127.00 levels would accelerate the fall. On the flip side, a push above 132.60 would further open doors towards 134.00 and 136.00 on the higher side but remains less probable move for now.
Trading recommendations:
Initiate short positions, stop is at 132.60/65, and target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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