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Technical Outlook and Chart Setups:
Kindly have a close look at the channel line support depicted above. Yesterday, the single currency bounced back right from the trend line support near 1.4650. Minimum expectation on the higher side is 1.4850 in 1-2 sessions. The resistance at 1.4790, which has been holding since long, should be taken out in this rally. Only a sustained break of the channel line support which is very strong at 1.4600, will delay the bullish outlook.
Trading Recommendations:
Bought around 1.4700, stop at 1.4600, targetting at 1.4850 and 1,5000 region.
Best Regards,
The material has been provided by Instaforex Company - instaforex.com
