Technical outlook and chart setups:
There is no change in the wave structure as it has been discussed since last few trading sessions. Resistance levels remain fixed at 130.50 and 131.00, while supports are fixed at 127.00 and 125.00 respectively. It seems wave 4 was completed yesterday at 130.50. More implications are for the pair to breakdown from here on. The cone support line is passing through 128.50 level at the moment. A break below that would accelerate downside towards 123.00 level in the coming sessions. It is recommended to remain short for now and also add positions on rally. Bottom line: Looking lower considering the wave structure, below 131.00.
Trading recommendations:
Remain short for now, stop is at 131.30/40, and target is open.
Good luck!
