Technical Outlook and Chart Setups:
The single currency pair retraced its fall to 1.4900 on Friday. At the moment it is trading at 1.5030 level, and probably this is another opportunity to go short again. It is expected now that 1.5100 region provides intermediary resistance, and that all intraday rallies should be well capped below. Strong support is at 1.4700 level and intermediary support is at 1.4800 region. Slowly but gradually the bears are targeting 1.4600 at least. Please note that it is important for 1.5150 resistance to hold good; if it breaks, the bearish structure will change.
Trading Recommendations:
Hold on to short positions taken earlier, go further short around 1.5030/50 levels, stop at 1.5150/60, and target at 1.4600.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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