Technical Outlook and Chart Setups:
A daily setup has been presented here for a larger trend view. Prices have been retracing after hitting close to 104.00 level last week and the Fibonacci support begins from 100.13 level as depicted above. Please, also consider that the support trend line, passing through the lows since 94.00 levels, is hitting 99.00 levels at the moment. Therefore, it is quite possible that the single currency pair maybe heading towards 98.00-99.00 levels on a break of 100.20 level. Bearish pressure remains for now. Temporary resistance comes in above 102.00 level.
Trading Recommendations:
Remain short for now, targeting 100.00 and lower. Stop at 102.50.
Good Luck !
