Technical Outlook and Chart Setups:
As discussed yesterday, the single currency pair had retraced up to 0.618 Fibonacci resistance level for downswing AB (depicted on the chart here). This level C could be the potential resistance for bulls during forthcoming sessions. Further resistance levels are 1.5050 and 1.5150; while supports are fixed at 1.4670 (temporary), 1.46, and 1.45 respectively. It is hereby recommended to continue holding short positions taken earlier and also look to add during intraday rallies. 1.4880/90 levels are resistances for intraday rallies for today.
Trading Recommendations:
Hold short positions taken earlier. Stop is at 1.5. Targets are at 1.46 and 1.45.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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