Technical Outlook and Chart Setups:
The single currency seems to be facing stiff resistance just ahead of recent highs (1.5115). We have suggested to buy around the 1.4950 region, now it is recommended to take profits for now. Current chart setup indicates that single currency is headed higher; but if 1.5115 holds today, the next probable move should be lower from here, possibly towards 1.4875-1.4900 at least. 1.4700 support has held till now and that is a good sign for the bulls. A break higher above the sloping downtrend line would confirm move towards 1.53-1.54.
Trading Recommendations:
1. Take profits on long positions and remain flat. 2. Take partial profits, move stop to break-even levels and hold.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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