The structure remains unchanged from what was discussed yesterday. The single currency pair may rally intraday but it would be recommended to remain short and consider selling on rallies further. Support levels are spanned across 1.42, followed by 1.4030, and 1.4 while, resistance is spanned from 1.5340/50, 1.44, and 1.4480, as intermediary levels and 1.4530, and major. Till the time the price is below 1.4530 level, it is headed south, towards 1.4 and lower. As shown here, the break of counter trend line below 1.4175 would further accelerate towards 1.4030 and lower. Bottom line: Remain short and sell on rallies.
Trading recommendations:
Remain short from yesterday, stop is at 1.4500, and targets are at 1.38 and 1.37.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The structure remains unchanged from what was discussed yesterday. The single currency pair may rally intraday but it would be recommended to remain short and consider selling on rallies further. Support levels are spanned across 1.42, followed by 1.4030, and 1.4 while, resistance is spanned from 1.5340/50, 1.44, and 1.4480, as intermediary levels and 1.4530, and major. Till the time the price is below 1.4530 level, it is headed south, towards 1.4 and lower. As shown here, the break of counter trend line below 1.4175 would further accelerate towards 1.4030 and lower. Bottom line: Remain short and sell on rallies.
Trading recommendations:
Remain short from yesterday, stop is at 1.4500, and targets are at 1.38 and 1.37.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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