Technical outlook and chart setups:
The single currency pair has begun to slide below the 129.00 mark now. As seen on the daily chart view here, 130.50 is immediate resistance, followed by 131.00 level for now; while support is at 125.00 (intermediary), followed by strong support at 119.00 level. It is still recommended to remain short and add further during intraday rallies. As shown here, the measured downside target should be around 124.00 levels at least (Red Line); while a break of the inner trendline here, could push it even lower towards 116.00 and 114.00 level. On the flip side, a bullish reversal above 130.50 shall negate our bearish scenario for now. Bottom line: Remain short till prices are below 130.50.
Trading recommendations:
Remain short, stop is at 131.30, and target is open.
Good luck!
