Technical outlook and chart settings:
As seen on the 4H chart view here, this currency pair is trading within the triangle, which is defined as a sloping resistance and support lines. As depicted here, it is quite possible for a swing rally towards 129.50/130.00 levels. This level is also converging with the sloping resistance line. Immediate resistance is at 129.50/130.00 levels, followed by 130.50 and 131.00 levels higher up. It is recommended to build short positions between 129.50/130.00 levels for a swing lower, and a possible breakdown towards 123.50/124.00 levels. On the other hand, a push higher up above 130.00/50 levels would push it towards 132.00 levels before reversing. But please note that selling on higher levels is recommended to sell rather than buying.
Trade recommendations:
Sell between 129.50/130.00, stop above 131.30, target open.
Good luck!
