Technical outlook and chart setups:
As depicted here, and discussed yesterday, the single currency pair has bounced off the Fibonacci 0.618 support ahead of 1.4300 level; of the rally between 1.4075 and 1.4800. The morning star has appeared on the daily chart view and it would hold significance from here on. It is hence recommended to hold long positions initiated with a risk below 1.4300 level. Major resistance is fixed at 1.5; while supports are spread through 1.4075 and 1.4 on the lower side. Extensions are pointing towards 1.5150 level at least; if not further up. Look to buy on intraday dips as well; till prices are above 1.43.
Trading recommendations:
Hold long positions, stop is just below 1.43, and target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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