Technical Outlook and Chart Setups:
As seen from the Daily chart view presented here, the single currency pair might be preparing for a counter trend rally soon towards the 1.4600/1.4700 mark, which is past support turned to resistance. Furthermore, the area is marked with 0.618 Fibonacci resistance level as shown here. Intermediary support remains at 1.4170/80 level while resistance starts from 1.4600/1.4700. Considring the risk/reward ratio and the possibility of a counter trend rally, it is recommended to go long at the moment (1.4241).
Trading Recommendations:
Go long now at 1.4240/45, stop at 1.4150, target 1.46/1.47.
Good Luck !
The material has been provided by InstaForex Company - www.instaforex.com
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