Technical Outlook and Chart Setups:
The single currency pair has risen through the 1.4930 region yesterday, above the past support turned resistance zone at 1.4830/50 region. Yesterday’s high at 1.4930 level is also re-enforced by the Fibonacci 0.618 resistance of latest downswing from 1.5050/60 to 1.4670. Immediate resistance is at 1.5050/60, followed by 1.5150/60 and higher; while support is at 1.4670, followed by 1.4600 and lower. It is recommended to remain short and look to add to further positions. 1.5050/60 remains key level at the moment.
Trading Recommendations:
Hold on to short positions taken earlier. Add further shorts. Stop is at 1.5. Target is open.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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