Technical Outlook and Chart Setups:
Looking into the wave structure, the medium-term trend seems to have reversed since the high at 1.5400 level. At the moment the intraday movement suggests a consolidation between 1.4800 (Support Region) to 1.5050/1.51 (Resistance Region). Current price movements have reached the upper boundary towards 1.5050 again, hence it is recommended to initiate short positions after watching bearish signals appearing on smaller timeframes. However, if the single currency pair rises past the 1.51/50 region, it would look to break higher even further to 1.5200/1.5300 region. Looking lower for now.
Trading Recommendations:
Hold on to short positions taken earlier, sell rallies further towards 1.5050 region, stop is at 1.5150/60. Target is open.
The material has been provided by Instaforex Company - instaforex.com
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