Technical outlook and chart setups:
The single currency pair has moved out of the triangle on Friday as depicted here on the 4H chart view. Please note that the downside risk still remains towards 123.00 level as shown here in the RED. It is recommended to book profits on long positions taken for now around 130.10. Major resistance is at 131.00, while supports are spread through 129.00 level, followed by 126.50, and 125.00 respectively. Please note that prices need to fall below 129.00 level for the downside to accelerate further. Aggressive trading strategy could be to short small quantity respecting the engulfing bearish signal that has appeared on the 4H chart as seen here.
Trading recommendations:
1. Book profits on long positions taken earlier.
2. Initiate short positions (aggressive trading strategy), stop is at 131.50, and target is open.
Good luck!
