Technical Outlook and Chart Setups:
Yesterday the single currency pair rallied through resistance at 1.5 level before reversing. As it was indicated, 1.5 level was ideal to enter short positions again; traders can build short positions at the moment (1.4980) as well. A break below 1.4940 again, will accelerate downside straight towards the intermediary support region of 1.4800 level. Major support still remains at 1.4700, but bears will break that level in the coming sessions. Resistance begins from 1.5050 region and spreads across 1.5150, 1.5250/60, and1.5400. Looking lower from here.
Trading Recommendations:
Remain short, stop at 1.5150/60 (we shall revise it later), and target at 1.4600.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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