Technical Outlook and Chart Setups:
The single currency pair pulled back sharply yesterday, just ahead of recent highs at 1.51 level. Until now the recommendation to exit long positions has proved to be good. 1.51 level is intermediary resistance and has the potential to reverse the price action on the lower side. 1.5210, 1.5350, and 1.5450 are lined up as strong resistance levels. It is recommended to once again seek selling opportunities on intraday rallies. It is quite possible that the single currency dips lower and tests the recent lows created earlier at 1.4800 level. 1.4700 support level has remained intact till now; if it breaks though, in the coming sessions, the pair could be poised for a larger correction.
Trading Recommendations:
Sell now (1.5030). Stop at 1.5150. Target Open.
Good Luck!
