Technical Outlook and Chart Setups:

As depicted on the 4H chart, the single currency pair has hit its minimum expected with the regard of downside extensions of 100.00 level today. It is quite possible that bears are looking to push it down further towards at least 99.50 (past support, S1); moreover, the support trend line also passes through the same levels. If the longer trend line that begun from sub 94.00 level breaks in, we are in for a deeper correction towards 97.00/98.00 levels in the coming sessions. For now, resistance stands at 101.00 while immediate support comes at 99.50 level respectively. We would suggest traders to book profits upto 80% on the shorts taken earlier.

Trading Recommendations:

Conservative stratety: book profits in upto 80% short positions taken earlier. Move down stop-loss to 101.20.

Aggressive strategy: stay short, move stop-loss to 101.20.

Good Luck!