Technical outlook and chart setups:
Now the currency pair has broken the support channel indicating further weakness. As it is depicted here, the minimum downside expected levels could be just above 127.00 level. A push below 127.00 could drag the price lower though. It is recommended to reduce risk on short positions now and to continue holding short positions. Resistance is at 132.00, followed by 132.60/70 and 133.80/134.00, while support is around 128.00. It is quite possible that this correction could be in 3 waves and end around the fibonacci 0.618 support levels near 126/127 levels during the rally within 125.00 and 132.50 levels.
Trading recommendations:
Remain short, stop at 132.00, target is 127.5
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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