Technical outlook and chart setups:
The single currency pair bounces off right at the sloping line of resistance and reverses sharply yesterday as depicted here. Currently the rate is trading below 130.00 level, it is highly recommended to remain short and add further on rallies, during the day. Resistance is fixed at 132.00 and 133.80/134.00; while supports are spread through 129.00 level, followed by 127.00 respectively. The minimum measured downside extensions are pointing towards 127.00/50 at least. The current wave structure would remain bearish, till prices are below 132.00. Looking lower for now.
Trading recommendations:
Hold on to short positions, stop is at 134.00, and target is at 127.50.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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