Technical Outlook and Chart Setups:
As depicted here, the single currency breaks below immediate support at the 1.4720/25 levels. Furthermore, the pair is completely out of the falling wedge formation. Minor pullback rallies can be expected, but they will be well capped below the 1.4830/40 levels. It is recommended to sell intraday rallies towards 1.4830/40 and also hold short positions taken earlier. Fibonacci support levels are at 1.4600 and lower, while resistance starts from the 1.4830/40 levels through the 1.5050 and 1.5150 levels respectively. Looking lower from here on.
Trading Recommendations:
Hold on to short positions taken earlier and sell further intraday rallies. Stop is at 1.5000, target is at 1.4600.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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