Technical Outlook and Chart Setups:
The single currency pair hit 104.50 levels yesterday before pulling back sharply. Maximum or all profits on long positions should have been booked by now. As it was depicted above, 103.10/30 levels are immediate support now. Bulls may be targeting 104.70 level as last spike before finally giving it up. Intermediary resistance is now placed at sub 104.50/60 levels. If any long positions or fresh longs were taken earlier, the risk should be just below 103.00 level. A break of 103.00 would further confirm that a meaningful top is in place at 104.50. We should observe if the pair is short henceforth.
Trading Recommendations:
1. If all profits were booked at 104.50, flat for now. Wait for the next clear signals.
2. If long positions are being held, or fresh longs were taken, move stop loss to 103.00 and target at 104.70.
Good Luck!
