Technical outlook and chart settings:
The structure remains unchanged for now, as depicted here. This currency pair is preparing to rally for now towards at least 1.4500/1.4550 levels. It is therefore recommended to book profits on short positions around 1.4450. Aggressive traders could go long with a reasonable risk/reward ratio; since there remains possibility for prices to reach 1.47/1.48 levels as well. Please note that 1.47 region is marked by the past support turned resistance now; and we shall review further possibilities when prices reach there. Major resistance is 1.5 levels, followed by 1.51/52 and higher as seen here; while support is strong at 1.4075, 1.4030 and 1.4 levels.
Trading recommendations:
1. Book profits on short positions.
2. Aggressive trading strategy would be to go long around 1.4450, stop below 1.43, target open.
Good luck !
The material has been provided by InstaForex Company - www.instaforex.com
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