Technical Outlook and Chart Setups:
Structurally things remain quite similar since last 3 trading sessions. As it is seen above, the prices are testing the dropping line of resistance and there are indications of a bearish resumption from here on. Resistances are lined up from 1.5230/50, 1.5300 and 1.5400 respectively, while support is placed near 1.4800 and then 1.4700 level for now. If the rate falls below 1.4950, then it will accelerate the downfall towards 1.48, 1,47, and 1.46 respectively. It is recommended to sell rallies as close to 1.5100 level.
Trading Recommendations:
Remain short and sell intraday rallies. Stop at 1.5150/60. Target 1.47, 1.46 minimum.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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