Technical outlook and chart setups:
There is no significant change as depicted here; a new high was attempted but failed back at 0.618. It is recommended to remain short for now and build further on rallies. Resistance is the 1.48 level, followed by 1.5; while support is 1.4 respectively. Looking into the trend, which is down; a major down leg should materialize soon, extending below 1.4 levels in the coming weeks. On the flip side, a sustained break of the downtrend line depicted here, and subsequent break of 1.48 levels would negate the bearish structure expected at the moment. Looking lower for now.
Trading recommendations:
Remain short, set stop above 1.4750, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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