Technical outlook and chart setups:
The single currency pair has hit the sloping line of resistance recently at 130.00 level and bounced back. Immediate resistance is at 131.00, followed by 132.00 and 134.00 on the higher side; while support is at 119.50 level. It is probable that the single currency pair continues to drift lower towards 121.00 level at least from current resistance. It is recommended to initiate short positions with a risk at 131.00 from here on. Intermediary support is seen at 125.00 level; if prices bounce back ahead of it; we shall consider turning into buying again. This scenario shall be updated tomorrow. For the moment, looking lower below 131.00.
Trading recommendations:
Initiate short positions, stop is at 131.00, and target is at 121.5.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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