Technical outlook and chart setups:
The currency pair has been moving in consolidation since last several trade sessions as depicted here. The line of resistance is passing through 1.6250 levels now, while support is passing through 1.5900 levels respectively. It is recommended to initiate short positions on a rally towards 1.6200 from here on. The down side extensions are pointing towards 1.56 and 1.52 levels respectively. A break down below 1.59 would confirm the same and prices should fall aggressively from there on. The lined up support levels are 1.5400, followed by 1.51 and lower. Looking to sell rallies from here on.
Trading recommendations:
Sell rallies through 1.6200, stop 1.63, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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