Technical Outlook and Chart Setups:
A 4H chart view has been presented here. It looks like 33.90 level is poised to stay as resistance for now and as depicted on chart, the intermediary uptrend line is about to break down. Please note that 32.00 level support, (the November 15th low), remains key for the prices to continue printing higher highs. Support should be strong at 32.00, followed by 31.25 and lower; while intermediary resistance levels are 33.90; 34.30 followed by 35.00 levels higher up. It is recommended to sell either on a break of trendline or 32.00 level for now.
Trading Recommendations:
Sell on break of trendline or below 32.00. Stop is at 33.90. Target is around 29.00.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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