Technical outlook and chart setups:
The single currency pair has reversed ahead of 1.4380, which was the measured extension, as discussed on Friday. Furthermore, fresh lows have been printed just ahead of 1.4200. It is recommended now to get in the direction of trend and initiate fresh short positions now. As depicted here, the intermediary levels of resistances are lined up from 1.4340/50, followed by 1.4400 and 1.4480 respectively, while strong resistance is at 1.4530 level. Supports are spread across 1.42 level, followed by 1.4030 and 1.4 respectively. Sell intraday rallies from here. Looking lower from here on.
Trading recommendations:
Initiate short positions now, stop is at 1.4500, and targets are at 1.38/1.37.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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