Technical outlook and chart setups:
As depicted here, the single currency pair has risen from yesterday’s lows around 117.00 to 120.50 (our measured Fibonacci extensions). A higher up resistance level is at 120.00 and above, while immediate support is at 116.50 level, followed by 115.00 and 114.00 respectively. It is recommended to book profits on the long positions taken yesterday at current levels at 120.00 and wait for a clear signal to go short again. Looking lower from here on.
Trading recommendations:
1. Book profits on long positions taken yesterday at 120.00.
2. Aggressive traders can go short now (120.00), stop is at 121.50, and target is open.
Good Luck!
