Technical outlook and chart setups:
As depicted here, the currency pair has broken out the triangle resistance earlier, and is presently testing the back side around 132.00/50, which should act as support now. It is recommended to hold long positions for now, expecting a push towards resistance at the 133.80/134.00 levels. Immediate support is at 130.00 followed by 128.00 and 125 respectively. Normally, triangle breakouts are powerful towards the breakout direction (in this case north), but not the case this time. Nonetheless, implications should be bullish till prices remain above the line of resistance.
Trading recommendations:
Remain long for now. Stop is below 130.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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