Technical Outlook and Chart Setups:
Yesterday the single currency pair tested 1.4800 level before pulling back sharply. It is recommended to cover (book profits) on all or maximum short positions taken earlier. Moreover, further short positions should not be built at this moment. Resistance begins from 1.5050 level followed by 1.5150/60 levels, while next support is at 1.4700. The short term structure indicates a possible bounce from these levels. Flat for now.
Trading Recommendations:
Book profits on short positions taken earlier, flat for now.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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