The single currency pair has held support of 1.44 level well till now. Having tested the immediate support, the pair has bounced off the 1.45 mark for now. It is recommended to stay long as long as the prices are above the 1.44 mark comfortably. Support levels are spread through 1.4075 and lower from here; while resistance is fixed at 1.5 level (major). Immediate resistance levels are 1.47 and 1.48 mark. A rally past 1.46/1.47 now, would confirm that the pair is headed towards 1.5 level at least. We can expect major correction after that. Looking higher for now.
Trading recommendations:
Remain long, stop is at 1.4350, and target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The single currency pair has held support of 1.44 level well till now. Having tested the immediate support, the pair has bounced off the 1.45 mark for now. It is recommended to stay long as long as the prices are above the 1.44 mark comfortably. Support levels are spread through 1.4075 and lower from here; while resistance is fixed at 1.5 level (major). Immediate resistance levels are 1.47 and 1.48 mark. A rally past 1.46/1.47 now, would confirm that the pair is headed towards 1.5 level at least. We can expect major correction after that. Looking higher for now.
Trading recommendations:
Remain long, stop is at 1.4350, and target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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