The currency pair is seen consolidating ahead of the 1.4450 levels as depicted here. Intermediary resistance is around 1.48, while strong resistance is at 1.50; intermediary support is at 1.42, followed by strong resistance around 1.4. Aggressive traders may wish to buy 50% of the total capacity, and the rest around 1.4430. Please note that the 1.4430/50 levels are the 0.618 fibonacci support of the rally between 1.42 and 1.48 recently, and a bullish reaction is expected there. Possibility remains that the pair is heading towards the 1.49 levels from an area around 1.4430/50. Furthermore, the confluence of the falling trendline (support now) and the rising trendline (from sub 1.4 through 1.42), is also around the same area. Looking to a rally ahead.
Trading recommendations:
Buy 50% now (aggressive strategy)/ buy at 1.4430/50 (Conservative strategy)
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The currency pair is seen consolidating ahead of the 1.4450 levels as depicted here. Intermediary resistance is around 1.48, while strong resistance is at 1.50; intermediary support is at 1.42, followed by strong resistance around 1.4. Aggressive traders may wish to buy 50% of the total capacity, and the rest around 1.4430. Please note that the 1.4430/50 levels are the 0.618 fibonacci support of the rally between 1.42 and 1.48 recently, and a bullish reaction is expected there. Possibility remains that the pair is heading towards the 1.49 levels from an area around 1.4430/50. Furthermore, the confluence of the falling trendline (support now) and the rising trendline (from sub 1.4 through 1.42), is also around the same area. Looking to a rally ahead.
Trading recommendations:
Buy 50% now (aggressive strategy)/ buy at 1.4430/50 (Conservative strategy)
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com