Technical outlook and chart setups:
A daily chart view has been presented here for a detailed wave structure. The single currency pair seems to be within the larger downswing that started from 1.5400 level. The current wave structure, from 1.4530 level is in a consolidation mode, swinging between the support and resistance lines depicted here. The resistance levels are defined by 1.4480 and 1.4530; while supports are defined by 1.4075 and 1.4030/1.4 levels respectively. Having stopped out from short positions recently, it is recommended to remain flat for now and wait for a bearish trade signal at resistance line or a break higher. The resistance line is passing through 1.4430/50 levels for now and the single currency pair is expected to react around this region. A bearish signal here could be sold, while a break higher could be bought. Please note the tone remains cautiously bearish below 1.4530.
Trading recommendations:
Remain flat for now. Sell at resistance line or buy on a break higher.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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