Technical outlook and chart setups:
The single currency pair is poised to accelerate downfall once 125.00 level gives way. It is recommended to remain short for now and add further on intraday rallies. Immediate resistance is at the tweezer top formation around resistance line at 130.00 level, followed by 131/132, and 134.00 levels on the higher side; while immediate support is at 125.00 level, followed by 119.00 and lower. A possible head and shoulder reversal is under formation, and once 125.00 breaks down, we can expect acceleration towards 121.00 level. Looking lower from here on.
Trading recommendations:
Remain short, stop is at 132.0, and target is at 121.00 at least.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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