Technical outlook and chart setups:
The single currency pair continues printing higher highs for now. Trading well above 139.00 levels for now, a sustained push from here has got the potential to move towards 142.00 levels. It is recommended to refrain from trading; at least today before committing on the long side. Immediate support is at 137.00, followed by 134.50 and 131.00; resistance is seen at 142.00 levels from here on. A multi week resistance in the past is also around the 142.00 mark and hence the possibility remains that bulls could take out 142.00 levels before a meaningful retracement could take place. Look for a reaction either ways at current levels before making a trade.
Trading recommendations:
Remain flat for now;
Good luck!
