The single currency pair seems to have formed an intermediate bottom ahead of 1.43 level and is pushing higher at the moment. The sloping downtrend line is converging at 1.46 level. Hence a push higher than that would instigate further confidence that bulls are in control. Immediate resistance is at 1.47, followed by 1.48, while strong resistance is at 1.5 level. The current wave extensions are pointing towards at least 1.5150 level, before a meaningful reversal occurs. It is recommended to hold long positions for now with a risk below 1.43, and also use intraday dips as fresh buying opportunities. Immediate support is at 1.43 level, followed by 1.4075 and lower.
Trading recommendations:
Hold long positions, stop is just below 1.43, and target is at 1.5150.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The single currency pair seems to have formed an intermediate bottom ahead of 1.43 level and is pushing higher at the moment. The sloping downtrend line is converging at 1.46 level. Hence a push higher than that would instigate further confidence that bulls are in control. Immediate resistance is at 1.47, followed by 1.48, while strong resistance is at 1.5 level. The current wave extensions are pointing towards at least 1.5150 level, before a meaningful reversal occurs. It is recommended to hold long positions for now with a risk below 1.43, and also use intraday dips as fresh buying opportunities. Immediate support is at 1.43 level, followed by 1.4075 and lower.
Trading recommendations:
Hold long positions, stop is just below 1.43, and target is at 1.5150.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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