Technical outlook and chart setups:
The currency pair continues sliding in a 100 pip range for now. It is still recommended to hold long positions taken earlier, and also plan to add near the 1.44 levels, if prices reach there. The 1.45 area is intermediary support for now, followed by 1.42 and 1.4070 on the lower side; while resistance begins from the 1.48 levels, followed by 1.5 on the higher side. As depicted here, the convergence area is the 1.4900/30 level, where the next short opportunity shall be presented. On the other hand, if prices break the rising trendline support, we shall review the situation again.
Trading recommendations:
Hold on to long positions for now. Set stop below 1.43, target is 1.49
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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