Technical outlook and chart setups:
The single currency pair has reversed, taking out our stop at 126.00 level. It is recommended to initiate short positions with a target of 123.00 level. Immediate resistance is 129.00, followed by 131.50, 132.00 and higher up. The structure indicates a major retracement on the downside is possible now. Currently trading around 125.00 level the pair is expected to reach 123.00 and lower in coming trading sessions. Trading strategy from here on should be selling rallies towards 127.00/50. This could be a possible Head and Shoulder Reversal and looking for further bearish targets which shall be updated tomorrow. Looking lower now.
Trading recommendations:
Sell now, stop is above 129.00, and target is 123.00 and lower.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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