Technical Outlook and Chart Setups:
As depicted on the 4H chart here, the currency pair reversed sharply from the 1.4250 resistance levels and hit the measured extension levels at 1.4050. Immediate resistance is now around the 1.4250 mark followed by 1.4350 and 1.45 on the higher side. A minor pullback might be possible now ahead of 1.4250 for further downside extensions at 1.3850. It is therefore recommended to take profit off around current levels and seek other higher opportunities to build short positions. A straight break below 1.4050 levels would accelerate further downside.
Trade Recommendations:
Book profits on short positions taken around current levels (1.4080). Seek for selling opportunities higher.
Good Luck!
The material has been provided by InstaForex Company - www.instaforex.com
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