Technical outlook and chart setups:
The single currency pair, as seen on the 4H chart view here, hit 1.4411 level yesterday and produced an engulfing bearish trade signal. At the moment it has re-tested yesterdays' highs and pulled back sharply again. This price action confirms that a lower top is in place at 1.4420/30 levels and the pair is ready to resume its underlying down trend. Support levels are lined up from 1.4200/50 levels, followed by 1.4030 level and just below 1.4; while resistance levels are lined up from just above 1.4500, followed by 1.4800 and above respectively. It is recommended to continue holding short position, and go further short at current levels. Wave structure remains intact with the counter trend finishing at expected levels of Gartley around 1.4411; expected down trend continues. Bottom line: Bearish below 1.4500/30.
Trading recommendations:
Hold on to short positions, stop is above 1.4550, and target is below 1.4.
Good Luck!
The material has been provided by InstaForex Company - www.instaforex.com
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