Technical outlook and chart setup:
After stopping our trade out, the single currency pair finally reverses from 131.00. Currently the pair is trading around 129.50 level, it is recommended to initiate short positions again around 130.00 level if it is reached today. Resistance would be strong at 131.30 level now, while major support is fixed at 119.00, followed by 117.00-116.00 and lower. As seen here the prices are forming an Evening Star Bearish reversal signal at the moment. Looking into the recent upswing boundary from 119.00 to 131.00, it remains possible that prices retrace till about 124.00 level, which is marked as the Fibonacci 0.618 level on the chart here. A break below 119.00 would be decisive in determining the medium-term trend and it could possibly move towards outer trendline support. Bottom line: Plan to sell around 130.00 for now.
Trading recommendations:
Sell around 130.00 level, stop is at 131.30, and target is at 124.00.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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