Technical outlook and chart setups:
The single currency pair remains very much on track to reverse on the lower side; as we have been discussing lately. Last week, the pair had tested and reacted with bearish signal confirmation on the sloping downtrend line as seen here. Immediate resistance is 1.48, followed by major resistance at 1.5 and 1.51 respectively. Another potential resistance under formation is 1.47 levels for now. On the other side, support is at 1.44, followed by 1.4075 and lower. It is highly recommended to remain short from earlier, and add further short positions as well. The overall wave structure remains bearish and a trend line and reversal has re-confirmed the same last week. Looking for lows near 1.4 in coming sessions.
Trading recommendations:
Remain short, stop is above 1.48, and target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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