The currency pair is stalling at resistance region around 1.4500/4600 for the moment. Please note that the long-term downtrend line is passing through the same region along with fibonacci 0.618 retracement level. Yesterday, it indicated that a reversal may be close to watch. After todays’ close it would be further clear; whether to initiate fresh short positions or not. Looking into the wave structure and overall trend, it looks as risk is higher to go long now. Rather it is recommended to wait for a bearish signal and go short.
Trading recommendations:
Flat for now. Looking to sell.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The currency pair is stalling at resistance region around 1.4500/4600 for the moment. Please note that the long-term downtrend line is passing through the same region along with fibonacci 0.618 retracement level. Yesterday, it indicated that a reversal may be close to watch. After todays’ close it would be further clear; whether to initiate fresh short positions or not. Looking into the wave structure and overall trend, it looks as risk is higher to go long now. Rather it is recommended to wait for a bearish signal and go short.
Trading recommendations:
Flat for now. Looking to sell.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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