Technical outlook and chart setups:
As depicted in the daily chart, the currency pair has pulled back after hitting fibonacci resistance close to 135.00. Recent lows at 131.60 indicate that there still remains steam for an upside extension towards 136.00/137.00. It is therefore recommended to remain long with risk below 131.50 for now. Resistance is at 135.00 while interim support begins from 131.50, followed by 129.00, 128.00 and lower respectively. All intraday pullbacks ahead of 131.60 interim support should be bought for now. Please note that the short-term uptrend line still remains intact for the upward move to continue further.
Trading recommendations:
Remain long for now, set stop below 131.50, target is open.
Good luck!
