Technical Outlook and Chart Setups:
Let us look again into the wave structure presented on the Daily chart. The rally from 1,520/30 to 1,795 comprises of three waves. It is quite possible that wave 4 is complete at 1,672.00 level or it will get complete at 1,630/40 levels. 1,700/05 levels remain key to decide whether to go long now or around 1,630/40 levels. It is recommended to go short below 1,705.00 and long above 1,735/40 levels to remain out of a trading range.
Trading Recommendations:
Sell below 1,705.00, stop is at 1,735.00, and target is at 1,640.00. Or buy above 1,735, stop is at 1,700, and target is open.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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