Technical Outlook and Chart Setups:
As we discussed yesterday, the single currency pair has fulfilled expectations of rising through the resistance area around 1.4950 region. As it was depicted above, this region is reinforced by the trend line resistance and also the past resistance turned support region. A reaction is expected around price range 1.4950/60. It is highly recommended to give respect to the bearish setup until the R1 is intact i.e. around 1.5050 as shown above. If a bearish setup is materialized here, expect 1.4700 to be the minimum downside target.
Trading Recommendations:
Short now (1.4950). Stop at 1.5100. Target at 1.4700.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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