Technical outlook and chart setups:
A 4H chart has been depicted here for a shorter-term resistance line view. As it is seen here, prices rebounded sharply yesterday and hit the 1.4950 level. The possible targets for this corrective rally could still extend to the 1.5050 level. But prices have hit the line of resistance, as shown here, and a bearish reversal remains possible. Moreover, a structural 3 wave correction might be in place at the 1.4275 level. Only a clear break of the trendline here and the 1.5050 level would bring a shift in the trend structure. Hence, it is recommended to fix profits on long positions taken two days ago and wait for a bearish reversal confirmation.
Trading recommendations:
Fix profits on long positions taken earlier. Look to sell again on confirmation.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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