Technical outlook and chart setups:
The single currency pair has raised ahead after entering into buy zone of the sloping downtrend line as depicted on daily chart view here. It is recommended to book partial profits at current levels, and move stop to 1.46. The trade does not have any risk now! Immediate short-term support is at 1.46, followed by 1.42 and 1.4 levels, while resistance is at 1.48 level. The bulls here seem to be determined to take out 1.48 level soon enough. A failure here would eventually bring prices lower at least to 1.45 level. It is recommended to remain long on partial quantity and await for a reaction at sub 1.48 level.
Trading recommendations:
Book partial profits. Move stop from 1.42 to 1.46.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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