Technical outlook and chart setups:
The single currency pair has been set up well for an extended rally towards the 1.5 level and higher from here on. Immediate resistance at the 1.4390/1.44 levels has been breached yesterday. It is expected, that the pair would pull back towards the 1.4270/75 levels now, before continuing to rally further up. It is recommended to remain long from earlier positions; and initiate fresh long positions after a pullback. Short-term resistance is seen at the 1.48 level, followed by a strong resistance at 1.5 and higher up. Support is strong at 1.4075 and lower. Bottom line: the pair is headed northwards, hence buying on dips now should be the trading strategy.
Trading recommendations:
Remain long, buy on dips, stop below 1.4075 (shall revise stop soon), target open.
Good Luck!
The material has been provided by InstaForex Company - www.instaforex.com
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