Technical outlook and chart setups:
As seen here, the single currency pair is trading around resistance at 1.46 level for now. It is quite possible that prices fall towards 1.42-1.43 levels, in a 3 wave correction before rallying further. Hence it is recommended to book profits on long positions taken last week and stay flat for now. On the other side, if prices manage to push above 1.4650 level, it is expected to again test the sloping trend line and past support turned resistance zone near 1.47 level. At the moment, immediate intermediary resistance is the 1.4650 mark; while support is around 1.44 mark. A possibility of Gartley formation cannot be ruled out at the moment, hence flat for now till clear direction unfolds.
Trading recommendations:
Book profits on long positions, remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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