Technical outlook and chart setups:
The currency pair seems to be breaking out the triangle, as depicted here, in the daily chart. Yesterday's fall could be seen as a test of resistance turned a support line at 131.50/70 area. Resistance is at the 133.80/134.00 levels; while support begins from 130.00, followed by 128.00, 125.00 and lower. A bullish follow through now, it would confirm that the currency pair is heading towards printing fresh highs above the 134.00 levels for sure. It is recommended to hold remaining long positions for now, while fresh long positions could be taken after a bullish reversal here. Risk should be minimized to just below the 130.00 levels. Looking higher for now.
Trading recommendations:
Remain long, stop below 130.00, target is open.
Good luck!
