Technical Outlook and Chart Setups:
Looking into the above chart setup, an evening star is produced right at the sloping line of resistance (depicted above). This region (1.5150-1.5200) is also around the Fibonacci 0.618 resistance, of the latest downswing between 1.5250 and 1.4800 levels. A bearish signal appearing at the above confluence indicates that a move lower is materializing now. It is recommended to keep selling intraday rallies towards 1.51-1.5150 levels. Intermediary support levels are 1.4950 and 1.4800, while resistance should be strong between 1.5150-1.5200 and above 1.5220 level respectively. Look lower from here on.
Trading Recommendations:
Hold on to short positions taken earlier and also sell intraday rallies. Stop at 1.5150/60. Target at 1.4600
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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