Technical Outlook and Chart Setups:
As depicted here and discussed earlier, the single currency pair has broken out of wedge formation and is headed towards 1.4600 levels as initial downside extensions. Immediate resistance shall be met at 1.4830/40 for any intraday rallies that materialize now. As one can observe, initial support at 1.4720/25 levels have been broken and the next level should be around 1.4600. It is recommended to hold on to short positions taken earlier and also look to build further shorts during intraday rallies towards 1.4850.
Trade Recommendations:
Hold on to short positions taken earlier, look to build further shorts during intraday rallies, move stop to breakeven, target is at 1.4600.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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