Technical outlook and chart setups:
The single currency pair is testing immediate support around 1.44 region as depicted here. A sustained 1.44 here would enable the pair to stage an impressive rally towards 1.51 level in the sessions to come. On the other hand, a break below, would shift focus towards selling rallies, against 1.47. It is recommended to remain long for now at least. Immediate support is 1.44, followed by 1.4075 and lower, while resistance is at 1.47, followed by 1.48 and 1.5 on the higher side. If 1.44 level remains intact, the pair is unfolding a 5 wave rally towards 1.51/1.52 levels.
Trading recommendations:
Remain long, stop is at 1.4350, and target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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