Technical Outlook and Chart Setups:
Structurally there is no change from what we had depicted earlier. Prices are at the moment fixed near 1.5 region and consolidating. We do not expect the single currency to hit fresh highs as of now. A 4 wave correction is already underway and should take prices close to 1.4800 or 1.4700 before rallying further to fresh highs. Short-term momentum traders can position themselves to go short at the moment, with strict stop at 1.5150.
Trading Recommendations:
Looking to buy near 1.4800/1.4700, targetting 1.5200/1.5400.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
