This pair is a “clear sell” on rallies setup as seen on the daily chart view here. We have been expecting a counter-trend rally which has unfortunately not materialized till now; furthermore, the prices have almost taken out support at 1.4350/1.44 levels. It is recommended to remain flat for now and turn trade strategy to sell on rallies from here on. Immediate support is at 1.4350, followed by 1.42 and 1.4; while resistances level starts from 1.4570/80 levels, followed by 1.47 and 1.49 respectively. The overall setup is indicative of the resumption of downtrend after prices turned back from 1.49 levels earlier. A counter-trend rally towards 1.47 levels would be ideal to build short entries.
Trade Recommendations:
Flat for now. Looking to sell higher.
Good Luck !
The material has been provided by InstaForex Company – www.instaforex.com
Technical Outlook and Chart Setups:
This pair is a “clear sell” on rallies setup as seen on the daily chart view here. We have been expecting a counter-trend rally which has unfortunately not materialized till now; furthermore, the prices have almost taken out support at 1.4350/1.44 levels. It is recommended to remain flat for now and turn trade strategy to sell on rallies from here on. Immediate support is at 1.4350, followed by 1.42 and 1.4; while resistances level starts from 1.4570/80 levels, followed by 1.47 and 1.49 respectively. The overall setup is indicative of the resumption of downtrend after prices turned back from 1.49 levels earlier. A counter-trend rally towards 1.47 levels would be ideal to build short entries.
Trade Recommendations:
Flat for now. Looking to sell higher.
Good Luck !
The material has been provided by InstaForex Company – www.instaforex.com
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