Technical outlook and chart setups:
The currency pair seems to be stalling at intermediary resistance level around the 1.48 levels as depicted in the daily chart. It is recommended to book profits on long positions taken earlier for now. The major resistance is at the 1.5 levels while the intermediate support is at 1.42, followed by the 1.4 levels respectively. A push above the 1.48 levels could take it towards 1.49, while a failure would be seen at least at the 1.45 levels. The major fundamental event is awaited before the next direction is decided, the FOMC to be out tonight. Technical implications favor downside from here on.
Trading recommendations:
Book profits on long positions. Aggressive traders can initiate short positions with stop above 1.4850.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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