Technical outlook and chart setups:
Looking into the wave structure depicted here, the single currency pair seems to be on track to break below 1.45 level and further. It is recommended to remain short on positions taken earlier for now. Immediate resistance is at 1.48, followed by major resistance at 1.5 and 1.51; while support is seen at 1.44, followed by 1.4075 and lower respectively. Looking into the trend and trend line bounce at 1.48, there is still high probability that the pair is headed south. Please also note that a rally from here above 1.47 level, yesterday's high, would be bullish for the pair and shift our focus to long side. Looking lower at least for now, expecting 1.45 to breakdown.
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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