Technical outlook and chart setups:
The single currency pair has retraced to sub 132.00 level, as expected, and bounced off producing a morning star pattern. Please note that Fibonacci 0.618 retracement level is also passing through the same region. Furthermore, the immediate trend line support is passing through nearby. Keeping all the above into consideration, it is recommended to exit short positions now and initiate 50% long positions. Immediate support is the 131.00 region, followed by 129.00, 128.00 and lower; while resistance is seen at 135.00 level from here on. Look to buy till the prices are above 131.00 region.
Trading recommendations:
Exit short positions. Enter 50% long positions, stop is at 131.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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