Technical Outlook and Chart Setups:
The single currency pair remains bearish. It is expected to slide down further. If the pair comes below 1.4900 level today, then it will instill further bearish conviction. It is recommended to book at least partial profits on short positions taken earlier and also move risk below. Furthermore, intraday rallies towards 1.5 can be sold as well; after watching bearish signals appearing on smaller timeframes. Intermediary support is at 1.4800 level, while resistance is near 1.5150 level. Looking lower from here on.
Trading Recommendations:
Hold on short positions taken earlier, book partial profits though, sell intraday rallies towards 1.5 region, stop at 1.5100 or breakeven, and target at 1.46.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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