Technical outlook and chart setups:
The single currency pair has tested backside of the broken uptrend line yesterday, which is now resistance at the 1.43 level. The pair is more likely to continue drifting lower from here on and it is recommended to remain short against the 1.44 level. The downside extensions are pointing towards 1.4 levels and lower. Resistance is the 1.4800 levels followed by the 1.5 mark, while support is at the 1.4 level. Looking into the overall trend structure and uptrend line break here, the next big move should be on the lower side from here on.
Trade recommendations:
Remain short, stop above 1.44, target below 1.4.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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