Technical outlook and chart setups:
The currency pair is consolidating the recent gains at the moment, before pushing through higher highs. Immediate resistance is seen at the 1.48 levels, followed by 1.5; while immediate support is at 1.46, followed by 1.42 and 1.4 respectively. It is recommended to hold long positions taken earlier; also fresh long positions can be taken at intraday dips ahead of the 1.46 levels. Structurally, the pair should push through the 1.49 levels after consolidating at the current levels. It is suggested to keep risk just at 1.46 for now. If a larger correction occurs, the 1.45 levels would be a good entry point. Looking at a target at the 1.49 levels for now.
Trading recommendations:
Remain long, stop at 1.46, target is at 1.49.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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