Using simple support and resistance shows that the pair has been in somewhat of a range between 133.00 and 135.00. We might see a breakout of this range after the G-8 and G-20 meetings conclude this weekend. With a bearish bias based on the downtrend on the daily chart, traders could sell on move down through support and place their protective buy stop above resistance. Target to take profit should be twice that risk for a 1:2 risk:reward ratio.
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