Technical outlook and chart setups:
A major resistance or target has been achieved by the pair at 140.00 levels recently. Minimum implications from here should be a retracement, at least towards 134.00 levels, before the uptrend resumes towards 142.00 levels. Keeping this in mind, and the short term chart setups, it is recommended to hold short positions and look to add on rallies. Only a push higher than 140.00 levels should be a concern or delay our bearish outlook. Resistance is 140.00 for now; while support levels are spread through 137.00, followed by 134.00 and 131.00 respectively. As depicted here, 134.00 levels is the convergence of fibonacci ratio, trend line and past resistance becoming future support.
Trading recommendations:
Remain short for now, stop at 140.50, target 134.00
Good luck!
