Technical Outlook and Chart Setups:
The bearish structure remains intact for now. At the moment the single currency pair is retracing the fall from 1.5148 level and is set to accelerate downside. It is recommended to sell intraday rallies towards sub 1.5100 level now. Resistance is lined up from 1.5100-1.5200, 1.5300, and 1.5400 levels, while support is lined up from 1.4800 through 1.4700 level. Intraday rallies should remain well capped below 1.5150 level now for the bears to take further control. Looking lower from here on.
Trading Recommendations:
Hold short positions taken earlier, sell intraday rallies towards 1.5100, stop at 1.5150/60. Target 1.4600.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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