Technical outlook and chart setups:
The currency pair produced an engulfing bearish candle last week as expected. Immediate resistance is 1.36, followed by 1.38. It is recommended to remain short on positions initiated between 1.35 and 1.36, as recommended last week and also add further at the current levels. Intermediary support is at 1.33, followed by 1.31 and lower. The entire structure reveals at least a 3 wave correction towards the 1.29 levels, if not lower. Till the time prices remain below 1.36 and subsequently below 1.38, look lower and selling rallies should remain the trading strategy.
Trading recommendations:
Remain short, stop above 1.36, target is at 1.29.
Good luck!
