Technical outlook and chart setups:
The currency pair looks to have resumed its fall towards 132.00 now, as seen in the 4H chart. An A-B-C retracement is due at least towards 132.00 from here on. It is recommended to hold short positions taken earlier with risk above the 135.50 levels. Support levels are spread through 131.00, 129.00, followed by 128.00 and lower; while resistance is at 135.00. The pair is looking lower in the short term and then ling on a bullish bounce around the 132.00 area. If the support line breaks, 131.00 would be a target for bears to continue lower.
Trading recommendations:
Remain short with risk at 136.00 and a target at 132.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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