Technical outlook and chart setups:
The currency pair stopped us out at the 135.80/136.00 levels on short positions initiated last week. At the moment, the sequence of higher highs and higher lows is continuing and the uptrend is very much intact, keeping bulls in control. The fibonacci extensions are pointing at the 142.00 levels as shown here, and recommendations are to buy on intraday dips. Immediate support is at 136.00, followed by 134.00 and lower; while resistance is around 139.00 and 142.00, respectively (fibonacci extensions). Intraday pullbacks towards 136.00 should be used for buying now; with an upside target of 139.00 and 142.00 respectively. Weekly chart suggests that 139.00 is very much on cards since the bulls want to target the past resistance around that region now.
Trading recommendations:
Buy on dips.
Good luck!
