Technical outlook and chart setups:
As seen here on the 4H chart presented here, the single currency pair has extended rally from 124.00 level above recent swing highs at 127.00 region again. The recommended short positions around 125.90/126.00 region have not worked out as expected. Immediate chart support is now provided by 124.00 followed by 121.00 region and lower. A weekly resistance is at 127.90/128.00 region, which would be the immediate upside target for bulls for the moment. It is recommended to await clear pullback signals before entering trades at the moment.
Trading recommendations:
Flat for now. Preparing to go short again.
Good Luck!
