Technical Outlook and Chart Setups:
As it was expected, yesterday the single currency pair accelerated downside breaking 1.4950 level. It is recommended to hold short positions taken earlier and consider selling further rallies as well. Intermediary support is around 1.48 and 1.47 levels respectively; while resistance is placed at 1.5150 at the moment. The single currency pair is expected to accelerate further downside but on rallies. Please note that chasing prices should not be the strategy, short positions should be taken on rallies. Look lower from here on.
Trading Recommendations:
Hold on short positions taken earlier, sell rallies, stop at 1.5150/60, and target open.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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