The currency pair has been consolidating lately between the 1.4550-1.4650 levels. As depicted in the chart, this area is also re-enforced by the past resistance turned support. Initial resistance is at the 1.48 levels, followed by 1.5, while initial support is at 1.42, followed by the 1.40 levels as discussed earlier. It is recommended to remain long for now and also look to add further positions ahead of the 1.4550 levels. The initial extensions are pointing towards the 1.49 levels in the Daily chart. Please, also note that the 1.49 level is the fibonacci 0.618 retracement of the entire downfall from the 1.54 levels to 1.4. We expect major reversal from those levels. Looking higher for now.
Trading recommendations:
Remain long for now, set stop below 1.4550, target is at 1.4900
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The currency pair has been consolidating lately between the 1.4550-1.4650 levels. As depicted in the chart, this area is also re-enforced by the past resistance turned support. Initial resistance is at the 1.48 levels, followed by 1.5, while initial support is at 1.42, followed by the 1.40 levels as discussed earlier. It is recommended to remain long for now and also look to add further positions ahead of the 1.4550 levels. The initial extensions are pointing towards the 1.49 levels in the Daily chart. Please, also note that the 1.49 level is the fibonacci 0.618 retracement of the entire downfall from the 1.54 levels to 1.4. We expect major reversal from those levels. Looking higher for now.
Trading recommendations:
Remain long for now, set stop below 1.4550, target is at 1.4900
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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