Technical outlook and chart setups:
The single currency pair has broken the immediate line of support and has rallied back to test the back side at around 131.50/70 level again. It is expected to reverse sharply down after the test. It is hence recommended to hold on to short positions taken yesterday and even look to add further to it. Resistance is now at 134.00 and only above that should be a concern for the bears now. Immediate support is seen at 130.00, followed by 129.00, 127.00 and 125.00 respectively. A break of 130.00 level would further accelerate downside pressure towards 127.00 and lower. Look to sell rallies from here on.
Trading recommendations:
Hold on to short positions, stop is at 134.25, and target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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