Technical outlook and chart setups:

The single currency pair has reached fresh highs at 130.50 level today, as depicted on the daily chart view here. Please note that current price is Fibonacci resistance, shown as red lines here. A bearish reversal here is highly probable and hence it is recommended to restrain from taking long positions at current levels. In fact, a meaningful pullback or retracement is expected any time towards at least 124.00/125.00 levels in the coming trading sessions. Strong support remains fixed at 119.00 level, followed by 117.00/116.00, 114.00 and lower. In spite of the fact that our shorts got stopped out today, it is still recommended to initiate fresh short positions as aggressive trading strategy. Watch out for a daily chart reversal soon enough!

Trading recommendations:

Initiate fresh short positions now (130.20/22), stop is at 130.80, and target is open.

Good luck!