Technical outlook and chart setups:
The bearish structure is getting unfolded as expected here. Firstly, the currency pair is out of the trading range of 1.4250 and 1.4500. Secondly, it is also probably it breaks below the rising uptrend line as depicted here. It is recommended to hold initiated 50% short positions now (1.4220/25) and remain on rallies towards 1.4250/70 region. If the currency pair bounces off the trend line here, we might change our stance to bullish. The overall structure remains bearish with resistance placed at 1.48 and 1.5 on the higher side; while intermediary supports are 1.4075 and 1.4 respectively. Selling rallies should be a favored trading strategy for now.
Trading recommendations:
Sell 50% now and remain towards 1.4250/70 region, stop is at 1.4350, and target is at 1.4.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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