Technical Outlook and Chart Setups:
The single currency pair has retraced around 1.5100 level yesterday and is ready to take the down turn. Currently trading around 1.5030 level, the bears would want to break 1.4950 to accelerate further down. Intermediary supports are placed at 1.4950 and 1.4800 levels, followed by strong support at 1.4700. Resistance is fixed at 1.5150-1.5200 levels for now, while higher levels are at 1.5300 and 1.5400 respectively. It is still recommended to hold on the short positions taken earlier and further add on intraday rallies. Looking lower from here on.
Trading Recommendations:
Hold on to short positions. Stop at 1.5150/60. Target 1.4600.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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