Technical Outlook and Chart Setups:
The single currency pair threatened to take off 1.5150 level yesterday before pulling back just shy of it. There is no strong reason to turn bullish at the moment. Prices are trading at:
1. The downward sloping trend line resistance.
2. Between the 0.618 and 0.786 Fibonacci resistance of recent downswing. It is shown in purple color above.
3. The downside extensions of 1.5400/50 to 1.5080/90 is downswing.
Keeping the above facts in mind, it is recommended to stay short at the moment.
Trade Recommendations:
Hold on to short positions. Stop at 1.5150/60. Target at 1.4600.
Good Luck!
