Technical outlook and chart setups:
As depicted here on the 4H chart view, now the single currency pair seems to be accelerating lower towards at least 1.4300. As seen here, immediate resistance is fixed at 1.4530 level, and it has held well, as prices reversed ahead of it. Intermediary support is seen around 1.4300, followed by 1.4200 and the trendline support comes at 1.4100 level for now. The short-term uptrend line has been broken earlier, tested and the prices have headed lower from there. Immediate intermediary resistance is at 1.4450/70 region now. Till the time, prices are below this level, it is recommended to remain short for now. Sequence of lower lows and lower highs have just begun. Looking lower from here on.
Trading recommendations:
Remain short, stop is at 1.4580, and target is below 1.400.
Good Luck!
The material has been provided by InstaForex Company - www.instaforex.com
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