The single currency pair has raised through the sloping downtrend line as expected, and finally hit 1.4800 level as well, as seen here. It is recommended to book profits for now and await for further directional move. Believe it or not, considering the momentum breakout, it remains quite possible for the pair to push through next major resistance at 1.5 level as well. As discussed yesterday, the current rally from 1.4 level could end up forming a down gartley and possible target could be 1.4890 and higher before reversing for good. We shall review the situation again, flat for now.
Trading recommendations:
Exit long positions.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The single currency pair has raised through the sloping downtrend line as expected, and finally hit 1.4800 level as well, as seen here. It is recommended to book profits for now and await for further directional move. Believe it or not, considering the momentum breakout, it remains quite possible for the pair to push through next major resistance at 1.5 level as well. As discussed yesterday, the current rally from 1.4 level could end up forming a down gartley and possible target could be 1.4890 and higher before reversing for good. We shall review the situation again, flat for now.
Trading recommendations:
Exit long positions.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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