Technical outlook and chart setups:
The structure will remain bearish as long as the first intermediary resistance remains intact at 1.4350. Furthermore, the sloping trend line is also being followed and prices have just stalled at the past support turned resistance within the 1.4180/1.4200 region. Higher resistance comes in at 1.45, while intermediary support remains at 1.4050. A bearish resumption now should push prices further towards 1.39/1.3850. It is recommended to remain short and sell intraday rallies until 1.3850 is achieved.
Trading recommendation:
Hold on to sell positions, also add further on rallies towards 1.4200, stop at 1.4350 and target at 1.3850.
Good Luck!
The material has been provided by InstaForex Company - www.instaforex.com
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