Technical outlook and chart setups:
The single currency pair has comfortably risen through 1.47 level as it was discussed last week. As depicted here, at the moment, the pair is testing line of resistance near 1.4740 level. A push higher from here would further open doors towards 1.48 level at least. Major resistance is at 1.5, followed by 1.51 and 1.53; while immediate support is at 1.4520/30, followed by 1.44, 1.4075 and lower. It is recommended to remain long for now and also reduce risk to 1.4500 from 1.44 level. On the other hand, a bearish reaction here would further see a possible reversal of prices. Bottom line: Targeting 1.48 plus for now.
Trading recommendations:
Remain long, book partial profits from earlier positions if possible. Stop is at 1.45, target is at 1.48 plus.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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