Technical Outlook and Chart Setups:
The single currency pair has given up most gains of the recent upswing between 1.4670 and 1.4990 levels. Intermediary support remains fixed at 1.4670 level, followed by Fibonacci extensions at 1.46 and 1.45 respectively. Intermediary resistance remains at 1.4990/1.5 level, followed by 1.5050 and 1.5150 respectively. A 4H chart view has been presented here for a shorter swing study. Till the time prices stay supported above 1.4670 level, an upswing to 1.5050 remains a possibility. However, this is an aggressive trading strategy. It is recommended only for a possible short swing.
Trading Recommendations:
1. Conservative: Remain flat for now.
2. Aggressive: Buy now. Stop is at 1.4640. Target is at 1.5050.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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