Technical Outlook and Chart Setups:
The single currency pair has reacted at 107.00 level indicating further downside possibility. It is recommended to go short around current levels at the moment, to take advantage of the short-term bearishness. Now the resistance region is around 107.20 followed by strong resistance at 108.00 level, while support is now around the 104.00 region, followed by 103.00 and 100.50 region. Looking lower at least in the medium/short term.
Trading Recommendations:
Go short now (105.80-106.00). Stop at 107.50. Target is at 104.50 at least.
Good Luck!
