Technical outlook and chart setups:
The currency pair is due at least for a pullback, before printing fresh highs. Intermediary support is the 131.00 mark, followed by 129.00, 128.00 and lower; while resistance is fixed at 135.00. It is still recommended to hold short positions initiated last Friday, as an aggressive trade setup. It remains possible that prices fall back as a retracement towards the 132.00 levels, before staging a rally towards fresh highs extending to 136.00 and higher levels. Please note that a fall back into the triangle, as depicted here, would prove extremely bearish and potentially push prices towards the 128.00/129.00 levels.
Trading recommendations:
Remain short (aggressive setup), set stop above 135.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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