Looking into the momentum which is builting up, the single currency is setting up towards 1.4700 level at least as shown on the chart setup here. As seen, this level 1.47 is re-enforced by the past support turned resistance level as well and the sloping downtrend line passing through. It is recommended to again build small long positions at current levels (1.4620/30) with a strict stop loss below support and targeting around 1.4700/1.4800 levels in the short term. Major resistance as seen on charts is at 1.500 level, followed by 1.5100 and higher, while support is at 1.44, followed by 1.4070 and lower. Looking into the wave structure that begun from 1.4 level, the extensions are pointing towards possible 1.47 at least. Bottom line: Remain on the long side again till prices are above 1.44.
Trading recommendations:
Go long 30% of capacity, stop is at 1.44, and targets are at 1.47 and 1.48.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
Looking into the momentum which is builting up, the single currency is setting up towards 1.4700 level at least as shown on the chart setup here. As seen, this level 1.47 is re-enforced by the past support turned resistance level as well and the sloping downtrend line passing through. It is recommended to again build small long positions at current levels (1.4620/30) with a strict stop loss below support and targeting around 1.4700/1.4800 levels in the short term. Major resistance as seen on charts is at 1.500 level, followed by 1.5100 and higher, while support is at 1.44, followed by 1.4070 and lower. Looking into the wave structure that begun from 1.4 level, the extensions are pointing towards possible 1.47 at least. Bottom line: Remain on the long side again till prices are above 1.44.
Trading recommendations:
Go long 30% of capacity, stop is at 1.44, and targets are at 1.47 and 1.48.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com