Technical outlook and chart setups:
The single currency pair stopped us out just ahead of the 1.3250 level yesterday. Looking into the chart setup presented here, two possibilities are emerging here. If the channel line support remains intact, the pair would be heading towards a fresh high above the 134.00 level. While a reversal ahead of the implied resistance at the 133/134 levels would see a sharp reversal on the lower side. It is recommended to remain flat for now and wait for further signal clarity to initiate directional positions. Looking into the entire chart run up till now, higher probability remains for a top to form before resistance and reversal on the lower side.
Trading recommendations:
Flat for now.
Good Luck!
The material has been provided by InstaForex Company - www.instaforex.com
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