Technical outlook and chart setups:
As seen in the daily chart, the currency pair seems to have taken resistance at the Fibonacci 0.382, just around the 1.4500 level yesterday. Keeping it simple, it is expected to continue drifting down either from the 1.45 resistance level or from the 1.4700 level (the 0.618 Fibonacci resistance here). In any case, selling higher up rallies is recommended. Fresh lows below the 1.4100 mark should be seen soon enough now. The 1.4700 region would be the best sell entry if prices manage to reach there.
Trading recommendations:
Hold on to short positions taken yesterday. Move down risk to breakeven levels. Target open.
Good Luck!
The material has been provided by Instaforex Company - www.instaforex.com
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