Technical Outlook and Chart Setups:
As it is seen from the daily chart view here, the single currency pair continues to print lower lows and lower highs from 1.54 level. The recent downswing from 1.5 to 1.42 is pointing towards 1.38 and lower to complete. Furthermore, a past support should be located around 1.3800 levels (marked as S). Considering the 4H view, 1.4250/60 stands to be immediate resistance level for now and till the time prices are below it, it is highly recommended to remain short and also look to add further on rallies. Looking lower from here on.
Trading Recommendations:
Remain short, stop at 1.4300, target 1.3800.
Good Luck !
The material has been provided by InstaForex Company - www.instaforex.com
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