Technical outlook and chart setups:
The currency pair hits fresh highs in each session; the latest is the 142.00 region. As depicted in the daily chart, the fibonacci resistance is now at 142.80 levels, which could trigger a reversal setup. For now, it is recommended to refrain from buying and remain flat. Support levels are lined up from 137.00 region, followed by 134.00 and 131.00 respectively. The entire structure reveals that a major resistance has been met between 139.00 and 142.00 (according to weekly charts). Hence, a meaningful correction should be due and short setups should materialize soon.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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