The currency pair should gather pace on the higher side after bouncing off the fibonacci 0.618 retracement levels at 1.4380/1.44 recently. It is, hence, recommended to hold long positions for now and also look to add further on dips. Initial support is at 1.4350 (intermediary), followed by 1.4200, and 1.4075, while resistance is at 1.48 followed by 1.5 respectively. The extension levels are pointing towards the 1.49 levels, which are convergence of retracement from 1.54 to 1.40 and extension from 1.4075 to 1.46 respectively. We would look to enter selling at the 1.49 levels from here on.
Trading recommendations:
Hold on to long positions, set stop below 1.43, target is at 1.49
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The currency pair should gather pace on the higher side after bouncing off the fibonacci 0.618 retracement levels at 1.4380/1.44 recently. It is, hence, recommended to hold long positions for now and also look to add further on dips. Initial support is at 1.4350 (intermediary), followed by 1.4200, and 1.4075, while resistance is at 1.48 followed by 1.5 respectively. The extension levels are pointing towards the 1.49 levels, which are convergence of retracement from 1.54 to 1.40 and extension from 1.4075 to 1.46 respectively. We would look to enter selling at the 1.49 levels from here on.
Trading recommendations:
Hold on to long positions, set stop below 1.43, target is at 1.49
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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