Technical Outlook and Chart Setups:
The structure remains unchanged from what we discussed yesterday. The prices have moved towards lower side and bounced back sharply from 1.4720/25 levels. Looking at the overall wave structure, the prices seem to be heading south, but a bounce remains a possibility before that. It is recommended to book profits on short positions taken earlier and wait for another opportunity. Intermediary support is at 1.4670, while resistance is at 1.4950/60. It is not a good idea to turn aggressively bullish till resistance at 1.5050/60 remains intact. Remain flat for now.
Trading Recommendations:
Take profits on short positions taken earlier now. Remain flat.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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