Technical Outlook and Chart Setups:
As depicted here, the single currency pair managed to reach 107.20/30 levels, our measured resistance zone. It remains more likely that a downswing is shaping up towards 104.70 level, just below the first support near 105.20 level, as shown on the chart. It is recommended to watch out for bearish signals on smaller timeframes (1H/4H) and initiate fresh short positions. Immediate resistance is at 107.90/108.00 region, while supports are lined up from 105.20/30 through 103.00 and even lower. At the moment it is more likely setting up for a correction; till the time prices stay well below the 107.90/108.00 region. Looking lower from here on.
Trading Recommendations:
Exit long positions taken earlier. Enter short position now, stop above 108.00. Target is at 105.00.
Good Luck!
