Technical Outlook and Chart Setups:
The single currency pair seems to be re-testing the trend line passing through 94.00 level at the moment. A break here would shift focus to at least 97/98 levels. Going short at the moment would be too aggressive strategy, a clear break would enable us to re-enter shorts. Till the time 101.00 level is intact, which is first major resistance, bears would want to continue printing lower lows. We are not ruling out the possibility of prices reaching 96.00 level if this trend line will be performed.
Trading Recommendations:
Flat for now. Profits booked on earlier short positions.
Good Luck!
