Technical outlook and chart setups:
Having booked partial profits, the remaining longs were stopped out yesterday at 123.00. As depicted in the daily chart, the currency pair is just testing the inner support line. A push through 123.75 is required now to reconfirm further upward movement of prices. It is recommended to remain flat for now before we get further clarity after today's price action. The 121.00 level is immediate support now, while resistance is just below 123.75 on smaller timeframes. A clear break down of the above trendline would open doors for further downside.
Trading recommendations:
Flat for now, biased towards the long side in case the trendline remains intact.
Good Luck!
