Technical outlook and chart setups:
The currency pair still needs to retrace at least to the 132.00 levels from here on. As depicted here, prices have fallen back from the highs of 135.50 lately and bounced off the 0.382 retracement levels till now. A meaningful correction towards fibonacci 0.618 levels still remains possible at 132.00, before any further action towards the trend happens. If short positions have been initiated, the risk remains at 136.00 from here on. On the other hand, if the shorter-term trend line breaks down, prices would look to target the 131.00 levels, which are immediate support now. In the short term we are looking lower, buy after a bullish bounce.
Trading recommendations:
Hold short positions till 132.00, stop at 136.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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