Technical outlook and chart setups:
The currency pair is attempting to retest the resistance at 135.00, as depicted here. Aggressive trade setup is still to remain short with risk placed above 135.00 for now. Intermediary support remains at 131.00, followed by 129.00/128.00 and 125.00; while resistance remains at the 135.00 levels respectively. The overall undertone remains very much bullish till the time prices remain above 131.00, but a possible correction cannot be ruled out either. If prices manage to push ahead of 135.00 from here, the next higher extensions are pointing towards 136.00 and higher. Looking into the structure, the short-term bearish view holds till prices are below 135.00.
Trading recommendations:
Aggressive setup is to remain short for now, stop is above 135.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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