Technical outlook and chart setups:
The single currency pair has bounced off the lows at 126.00 level sharply. The implications are as follows:
1. A high possibility remains that the currency pair has bottomed out and is ready to print fresh highs above 134.00. This would be confirmed on a break of 132.00 level, which is immediate resistance at the moment.
2. The sloping trend line continues to act as resistance and the pair slides off current levels by producing bearish trade signal.
3. Support is 126.00 and 124/123 respectively.
Trading recommendations:
1. If 132.00 is broken we shall look to buy on dips towards 129.00/130.00.
2. On a bearish reversal now, look to sell with stop above 132.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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