Technical outlook and chart setups:
A weekly chart has been presented here for a larger view. As depicted and seen here, the former resistance levels were at 124/125 and 138/139 respectively and the price movements have clearly taken out both of them now. Furthermore, the rally from 94/95 levels to 140/141 levels for last several months, can be seen in 5 waves. Looking into the above facts, a corrective 3 wave structure should unfold anytime before this rally could continue further. Short-term resistance levels were around the 141/142 area as discussed last week. We would recommend to remain flat for now and watch out for reversal signals from here on.
Trading recommendations:
Flat for now. Looking to sell again.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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