Technical summary:
We have seen a move lower, and the break below minor support at 1.4367 does argue for more downside pressure towards at least 1.4048 and more likely lower towards 1.3846. However, the decline from 1.4437 is not yet overly convincing, but we are going to let bears have the benefit of the doubt for now. Short-term resistance at 1.4437 needs to protect the upside for a continuation lower. A break above 1.4437 will call for more upside towards 1.4557.
Trading recommendation:
We are short EUR from 1.4545 and will move our stop lower to 1.4445. If you are not short EUR yet, then sell near 1.4437 with the same stop.
The material has been provided by InstaForex Company - www.instaforex.com
