Technical outlook and chart setups:
The currency pair is seen bouncing off right from the 0.618 fibonacci support as depicted here. It is recommended to hold taken earlier long positions and add further as well. Initial support begins from 1.42, followed by 1.4075 and lower; while intermediary resistances are lined up from the 1.46 levels,followed by 1.48, and strong resistance is placed at 1.5 respectively. The overall structure depicts that a bullish bounce from here would take prices to the 1.49 levels. Please note that 1.49 is also the fibonacci 0.618 retracement of the entire fall from 1.54 to 1.40 as well. A bearish reaction should be expected there. Looking higher at the moment.
Trading recommendations:
Remain long, stop is below 1.43, target is at 1.49.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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