Technical outlook and chart setups:
As depicted in the 4H chart, the currency pair is threatening to break out of the cone consolidation. Immediate resistance still remains at 1.4260 followed by 1.4350 and 1.4550. As seen here, prices are just probing the cone resistance line for now; a bullish candle appearance here would confirm a break higher. It is recommended to still continue remaining short, and add further at current levels considering the risk reward ratio.
Trading recommendations:
Stay short for now, stop at 1.4300, target 1.38.
Good Luck!
The material has been provided by InstaForex Company - www.instaforex.com
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