Technical outlook and chart setups:
As expected and seen here on the 4H chart view, the single currency pair has managed to post a rally above 1.4250 level at the moment. Also please note that the counter trendline (shown here) has been clearly broken by price action and hence it is safe to assume a rally further up towards 1.4450 level. Intermediary support is still at 1.4030 level, followed by 1.4; while intermediary resistance is at 1.4280, followed by 1.4350 and higher up. Looking into the wave structure again, the AB boundary is 1.4 to 1.4280. The retracement has bounced off from the 0.786 Fibonacci retracement level, and extension is around 1.4450 level, as depicted here. Looking higher at least in the short term.
Trading recommendations:
Remain long, (1.4150/60), move stop to 1.4150 (breakeven), and target is at 1.4450.
Good Luck!
The material has been provided by InstaForex Company - www.instaforex.com
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