Technical outlook and chart setups:
As depicted here on the 4H chart view, the single currency pair is attempting to break down a trend line at the moment. It is recommended to exit long positions at current price around 131.00. Conservative trade strategy would be to wait for a daily confirmation, while an aggressive trading strategy would be to initiate short positions now, with stop at 134.00. The structure could also be a head and shoulders reversal possibility, with the right shoulder being carved out at 132.50 recently. Intermediary support is at 130.00, followed by 129.00 and lower at 127.00; while resistance is seen fixed at 133.50 for now. A break of 130.00 would be required for downside to accelerate further.
Trading recommendations:
Book profits on long positions, initiate short positions, stop is at 134.00, and target is open.
Good luck!
