Technical outlook and chart setups:
The currency pair has raised higher to test the recent highs before retreating lower. The short setup still remains valid until 136.00 remains intact. It is recommended to remain short and also look to add further at current levels with risk at 136.00. Immediate resistance is at 135.80/136.00, while support is spread through 132.75, followed by 131.00, 129.00 and lower. The current retracement should probably extend itself towards the 132.00 levels, which is the fibonacci 0.618 support of the recent upswing from 131.00 to the 136.00 levels, respectively. Looking lower till prices are below 136.00.
Trading recommendations:
Remain short, risk is at 136.00, target is at 132.00
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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