Technical Outlook and Chart Setups:
The single currency pair is still probing resistance line around the 1.5100 region. The 0.618 Fibonacci resistance is also placed around 1.5080 region. It is expected to react here (on the downside) until the prices break convincingly the resistance line. Next resistance is around 1.5250/1.5300 region, while intermediary support remains at 1.4800. It is still recommended to watch out for bearish signals on smaller timeframes and sell rallies close to 1.5100 level. Look lower for now.
Trading Recommendations:
Sell rallies. Hold short positions taken earlier. Stop at 1.5150/60. Target at 1.47 and 1.46.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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