Technical outlook and chart setups:
This currency pair is set to resume lower towards atleast 119/120 levels. It is recommended to remain short at current levels and also look to add further positions. Resistance is above 132.00, followed by 134.00 levels, while major support is not before 119.00 levels. Looking into the wave structure, the fall from sub 134.00 levels to 125.00 levels has been retraced to 0.618 fibonacci levels around 129/130. A bearish resumption here should bring the single currency pair down towards 119.00 levels atleast. Looking lower from here on.
Trade recommendations:
Hold on to short positions, stop at 133.00, target 119.00.
Good luck!
