Technical Outlook and Chart Setups:
The structure remains constructive for bears to gain momentum further. Bottom line is that 1.4800 should break down. If we study the swing formations since 1.5200 level, it looks like a falling wedge formation i.e. that is consolidation rather than trend. Hence it is recommended to hold short positions for an expected break of 1.4800 level, but cover short positions on a bullish reversal from these levels. Immediate resistance is just above 1.5050/60 at the moment, 1.5150/60, and 1.5200 respectively. Immediate support is 1.4800, followed by 1.4700, and 1.4600 respectively. Looking for a break down at the moment.
Trading Recommendations:
Hold on to short positions taken earlier, go fresh short positions on a breakdown further, stop is at 1.5050. Target is open. Book profits on short positions taken on a bounce back.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
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