The trading range continues for now. It is recommended to buy the bullish bounce at support 1.4250/1.4300 and sell the bearish bounce at resistance of 1.4500. Looking into the overall wave structure, it remains bearish since 1.5400 levels and the sloping down trend line is being followed till now. Only a break above the line of resistance would instil confidence for bulls. A breakdown possibility below 1.4250 looks high for now. Any rallies towards 1.45/1.46 should be used as opportunities to go short again. Resistance is at 1.48 levels for now, followed by 1.5 as the stronger one. Intermediary support levels are at 1.4075 and 1.4 respectively.
Trade recommendations:
Trade the range for now and trade towards the break out later.
Good luck !
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The trading range continues for now. It is recommended to buy the bullish bounce at support 1.4250/1.4300 and sell the bearish bounce at resistance of 1.4500. Looking into the overall wave structure, it remains bearish since 1.5400 levels and the sloping down trend line is being followed till now. Only a break above the line of resistance would instil confidence for bulls. A breakdown possibility below 1.4250 looks high for now. Any rallies towards 1.45/1.46 should be used as opportunities to go short again. Resistance is at 1.48 levels for now, followed by 1.5 as the stronger one. Intermediary support levels are at 1.4075 and 1.4 respectively.
Trade recommendations:
Trade the range for now and trade towards the break out later.
Good luck !
The material has been provided by InstaForex Company – www.instaforex.com
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