Technical Outlook and Chart Setups:
The single currency pair has finally made it to our measured extensions at 1.4900 levels. It is recommended to book profits on long positions now and await for a bearish reaction here to initiate short positions. Please note that 1.4900 is also the fibonacci 0.618 retracement level of the fall from 1.54 levels to 1.4 earlier. It has taken several months and 3 waves to retrace up to the 62% retracement of the entire downswing and soon a bearish reaction would be expected here. Resistance is placed/fixed at 1.5 level followed by 1.51; while supports are just short of 1.47oo levels followed by 1.46 and lower. Looking to go short here on a bearish confirmation.
Trade Recommendations:
Book profits on long positions taken earlier. Flat for now.
Good Luck !
The material has been provided by InstaForex Company - www.instaforex.com
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