Technical outlook and chart setups:
The currency pair is holding ahead of the 1.4450 levels as seen on charts here. It is recommended to exit short positions taken earlier, though the possibility remains for a dip towards the 1.4400 levels, where the support trendline is passing through as well. The 0.618 fibonacci retracement levels are also passing through the same region, making 1.44 the best price to enter buying on a bullish bounce. Intermediary (short-term) resistance is at the 1.47 levels, followed by 1.48 and 1.5; while support begins from 1.42 region, followed by 1.4 respectively. Looking to buy around 1.44 for now.
Trading recommendations:
Exit short positions, look to buy around 1.44.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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