Technical Outlook and Chart Setups:
Daily chart view is presented here for a clear view. Firstly, the trend is certainly up since 1,525.00 level. At the moment we might be in wave 4 correction which either ended at 1,672.00 level or is underway towards 1,640/45 levels. Please note that 1,640/45 region is re-enforced by past resistance turned support, the 0.618 Fibonacci support of rally from 1,560 to 1,795 and also the extension of the recent downswing. Immediate resistance will be encountered at 1,705/06 levels, which was past support, followed by the 1,720 region. It is recommended to remain short for now at least in the short term. 1,640/45 region is to go long again, if it is reached.
Trading Recommendations:
Stay short from breakdown of 1,705.00 level. Stop is at 1,730.00. Target is at 1,650.00
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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