Technical outlook and chart setups:
A short-term view, 4H has been presented here for smaller wave structure identification. The single currency pair has still not broken any of the trendline supports. Furthermore, immediate support at 1.4580 remains intact. It is recommended to initiate long positions now, around 1.4700/05, with a potential target round 1.49 level. Intermediary resistance is at 1.4820, followed by strong resistance at 1.5, 1.51 and higher up; while supports are through 1.4580, followed by 1.45, 1.44 on the lower side. A push through 1.48 will ensure another high at 1.49 and possibly through 1.5 levels as well. Bottom line: Looking higher for now, only a break below 1.4580 would change the scenario.
Trading recommendations:
Long now at 1.4700/10, stop is at 1.4570, and target is at 1.49.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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