Technical outlook and chart setups:
The single currency pair pulled back after printing a high, marginally ahead of 1.4645 level yesterday. Nevertheless, this should not be a concern for bulls at the moment and can be viewed as a retracement before moving towards 1.47 and higher. As seen here, immediate interim support is at 1.44 level and till the time prices remain above this level, higher highs should be formed. On the lower side, supports are at 1.4075, 1.4030, and 1.4; while resistance is strong at 1.5 level, followed by 1.51 and higher up. Please note that 1.47 region is also re-enforced by past support turned resistance level, hence long positions should be closed at those levels.
Trading recommendations:
Hold long positions for now, stop is at 1.44, and targets are at 1.27 and 1.28.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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