The single currency pair has been swinging between 1.44 and 1.45/1.46 lately. Today is yet another leg down towards 1.44. It is recommended to hold long as long as prices stay above 1.44 here, which is immediate support. A break of 1.4350 level should be sold as it would technically indicate a probable large swing lower. Supports are spread through 1.4075, 1.4 and lower. On the flip side if 1.44 holds again, long positions can be held and fresh positions could be added as well. 1.46/1.47 are immediate intermediary resistances, while 1.5 is major. Current trading range between 1.44 and 1.46 should be broken in order to get further clarification of the next move.
Trading recommendations:
Hold on to long positions for now, stop is at 1.4350, stop reverse on a break.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The single currency pair has been swinging between 1.44 and 1.45/1.46 lately. Today is yet another leg down towards 1.44. It is recommended to hold long as long as prices stay above 1.44 here, which is immediate support. A break of 1.4350 level should be sold as it would technically indicate a probable large swing lower. Supports are spread through 1.4075, 1.4 and lower. On the flip side if 1.44 holds again, long positions can be held and fresh positions could be added as well. 1.46/1.47 are immediate intermediary resistances, while 1.5 is major. Current trading range between 1.44 and 1.46 should be broken in order to get further clarification of the next move.
Trading recommendations:
Hold on to long positions for now, stop is at 1.4350, stop reverse on a break.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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