Technical outlook and chart setups:
The currency pair has reversed sharply from the highs at the 135.50 levels as depicted here. At the moment, the prices seem to be bouncing off the 0.382 fibonacci support levels, but still further downside could be expected towards 132.70/80. As seen here, it is the fibonacci 0.618 support of the recent upswing from 131.00 to 135.50. Intermediary support is at the 132.00 levels, followed by 131.00, 129.00 and lower; while intermediary resistance is fixed at the 135.50 levels respectively. It is recommended to remain flat for now and await a meaningful retracement towards at least the 132.00 levels before committing on the long side.
Trading recommendations:
Remain flat for now.
Good luck!
