Technical outlook and chart setups:
The structure has not changed from last few trading sessions, as depicted here. Immediate support is at 1.44, followed by 1.4070 and lower. Till the time prices are above 1.44 level, the single currency pair is expected to print higher highs. Immediate resistance would be at 1.47, followed by 1.48 and 1.5 as major resistance higher. It is recommended to hold long positions, with a strict stop below 1.44 for now. In the event of a break below 1.44 level, the structure would warn further bearishness, and we could look to sell rallies thereafter. For now, looking higher.
Trading recommendations:
Hold on to long positions, stop is at 1.4350, and target is open. Conservative trade setup would be to exit longs and remain flat.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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