Technical Outlook and Chart Analysis:
The overall structure remains bearish as we have been discussing lately. Resistance is spread across 1.5050, 1.5150, followed by 1.5250/1.5300; while support remains spread through 1.4800 (intermediary support), followed by 1.4700. It is still recommended to remain short and add short positions on intraday rallies. Please note that 1.4800 level should break down if the bears are to stay in control. Looking lower from here on.
Trading Recommendations:
Remain short from earlier positions. Stop is at 1.5150. Target is open.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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