Technical summary:
The expected upward rally is still on track. We are gathering strength to accelerate higher towards 1.4595 and much higher in the long term. In the short term, we expect minor support at 1.4389 to be able to protect the downside for a break above resistance at 1.4495 calling for acceleration to 1.4595 and above. A break below 1.4389 is likely to delay the expected upside pressure, but the potential downside should be limited to support at 1.4362.
Trading recommendation:
We are long EUR from 1.4335 and are going to keep our stop at 1.4275 for now. If you are not long EUR yet, buy closer to 1.4389 or upon a break above 1.4457 with the same stop at 1.4275.
The material has been provided by InstaForex Company - www.instaforex.com
