Technical outlook and chart setups:
The currency pair fell towards our measured minimum expectations around 128.00 levels. At the moment, a bounce should be expected as depicted in chart setup here; hence, it is recommended to book profit on short positions taken before. Aggressive traders might want to even go long against 127.50. Resistance is now at 132.00, followed by 132.50/60 and 133.80/134.00; while support is at 128.00, followed by 126.50 and 125.00 on the lower side. The intermediary down trend might be over or may still extend itself towards 127.20/30 levels. After that next leg should be on the higher side.
Trading recommendations:
Book profit on short positions. Aggressive strategy would be going long against 128.00
Good luck!
