Technical outlook and chart setups:
According to the 4H chart view depicted here, the following trade strategy seems to be more probable now. The single currency pair has bounced off sharply from lows at 1.4220/30 region; which could possibly give way to further upside towards 1.44 before reversing. A conservative trading approach suggests that short positions should be at least reduced, giving room for further rally and then re-entering; while an aggressive approach would be to remain short till prices are below 1.4530 level. This level is defined as the trend deciding factor hence one should plan to turn bullish on a break. As for now, the intermediary support levels are 1.4200 and 1.4030.
Trading recommendations:
Remain short or reduce positions (further rally remains possible), stop is at 1.4530, target is at 1.42 and then below 1.4.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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