Technical Outlook and Chart Setups:
The single currency pair has reached the downward line of resistance as depicted. Furthermore, the region is re-enforced by immediate price resistance around 1.5050 and followed by 1.5150/60. Support is lined up at 1.48 and then 1.4700/1.4600 respectively. It is recommended to remain short and add also further short positions on intraday rallies. Watch out for bearish signals on smaller timeframes to enter short positions today. Looking lower for now.
Trading Recommendations:
Remain short. Add further short positions on intraday rallies. Stop is at 1.51. Target is open.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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