Technical outlook and chart setups:
The daily chart view depicts a hanging man candlestick formation for now. This is an indication of highly probable reversal ahead. It is recommended to remain short from yesterday and also look to sell intraday rallies towards 130.30. The 4H chart has been showing exhaustion since last 2 trading sessions around 130.00/30 levels. This region is also re-enforced by Fibonacci resistance as discussed yesterday. Immediate support remains fixed at 119.00 level for now. It is expected that a meaningful recovery should be on its way at least towards 124.00-123.50 levels from here. Looking lower.
Trading recommendations:
Hold on to short positions, stop is at 130.80, and target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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