Technical Outlook and Chart Setups:
The above chart setup still indicates that the single currency pair is facing resistance between 1.5150 and 1.5200. The sloping resistance line needs to be convincingly broken to change bias from bearish. Fibonacci 0.618 is passing right through the 1.5100 level at the moment. A top and reversal here would drag prices lower to 1.46 and 1.45 levels. Now it is recommended to look for intraday rallies to be sold around 1.5100 region. Watch out for bearish signals on the shorter timeframes (15min-1 hour) to build short positions from here on. Intermediary support shall be provided by 1.4950, followed by 1.4800 level.
Trading Recommendations:
Hold on to short positions take earlier. Stop at 1.5150. Target at 1.4600 and 1.4500.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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