Technical outlook and chart setups:
The currency pair stopped us out yesterday and printed fresh highs above the 135.00 levels. It is recommended to remain flat for now and await a possible reversal signal to go short or retracement to go long from here on. Initial trendline support remains at 131.00, followed by 129.00 and 128.00; while resistance levels are pointed by fibonacci extensions at 136.00 and higher. It is recommended to refrain from fresh buying at this point and await for at least a retracement towards 132.00 to initiate long positions again.
Trading recommendations:
Flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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