Technical outlook and chart setups:
The single currency pair has hit our first measured extension level at 127.50. It is recommended to book profits for now and remain flat. Looking into the momentum here, it is quite possible that the single currency pair moves towards the next extension levels directly from here. The next lined up support is at 124.00 and the extensions are pointing towards 123.00. Aggressive traders could hold some of the short positions for a downside target of 123.00. Immediate resistance is at 132.00 and higher up around 134.00. Selling rallies towards 130.00 level should be preferred trading strategy from here on. Flat for now.
Trading recommendations:
Book profits on short positions. Flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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