Technical Outlook and Chart Setups:
The single currency pair has been sloping down forming a resistance and bouncing off the support at 1.4800 level since last several weeks. Major resistances were formed within the consolidation 1.51 and just above 1.5200 level respectively. As depicted on charts, the down trend sloping line is passing through the 1.5050 area at the moment. Yesterdays' rally could possibly extend and meet 1.5050 level before reversing. On the other hand, a break of 1.5100/50 levels will push further high towards the 1.5350 mark. Selling rallies are recommended for now.
Trading Recommendations:
Hold short positions. Add on rallies. Stop is at 1.5100. Target is below 1.4800.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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