Technical outlook and chart setups:
The single currency pair is consolidating/forming base at the following convergence depicted on chart view:
1. Recent support trend line.
2. Fibonacci 0.618 retracement of the latest upswing around 132.50.
3. Past resistance turned support region.
A bullish reversal signal appearance here, would warrant that the pair is heading towards fresh highs above 135.00 level. Immediate support is at 131.75, while resistance is at 134.80/135.00 respectively. Looking for a bullish reversal.
Trading recommendations:
Remain long, stop is at 131.50, and target is open.
Good luck!
