Technical Outlook and Chart Setup:
Yesterday the currency hit fresh lows again. Presently charts look a bit stretched and hinting a recovery/pullback. As depicted above, we are focused on 2 possible entry levels for short positions. 1) At 98.80/99.00 levels, which is the 0.618 retracement of the recent fall from 100.30/40. OR 2) 100.80/101.00 level which is the 0.382 retracement of the drop from 108.00 levels. 100.30/40 levels shall remain intermediary resistance.
Trade Recommendations:
Looking to sell at 98.80/99.00 levels OR 101.00 levels, tatgetting 90.00 levels.
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