Technical outlook and chart setups:
The single currency pair finally reversed from 132.20/25 resistance yesterday. This is also re-enforced by the Fibonacci 0.786 resistance level from the fall between 134.00 levels to 125.00 levels recently. The signal being produced is that of an evening star on a daily chart which indicates that the next move should be lower. It is therefore recommended to remain short from earlier positions and add further at current levels. Also note that the pair has formed a new channel recently; and a break below would accelerate downfall further. If the channel remains intact, the pair can establish fresh highs. For now, we would respect the bearish setup to take shape and remain short.
Trading recommendations:
Remain short, add further at current levels, stop is above 132.50, and target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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