Technical Outlook and Chart Setups:
The overall bullish wave structure remains intact as depicted above. D extension is expected over 1.5200 minimum. Please watch the 3 convergences above: 1. Past Resistance Turned Support Region (1.4800/20). 2. The inner trend line support passing through the 1.4800 region. 3. The 0.618 Fibonacci support at 1.4820. This region should produce a bounce in 1-2 days time. It is suggested to go long until the trend line is intact.
Trading Recommendations:
Buy around the 1.4820/30 region, Stop at 1.4750, Target at 1.5200 and 1.5400
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
