Technical Outlook and Chart Setups:
The structure remains sideways in smaller timeframes between 1.4950 (Support) and 1.5050 (Resistance). It is recommended to play the game of support (buy) and resistance (sell) at the moment, until a breakout unfolds on either side. As discussed yesterday, 1.5150/60 resistance levels remains key for bears to stay in control of bearish price action. Intermediary support is 1.4950 and then 1.4800, while strong support is 1.4700. A breakdown of 1.4950 level will bring prices lower, very fast. Look to play the range at the moment; with a bearish view until 1.5150 is intact.
Trading Recommendations:
Hold on the short positions taken earlier with a stop at 1.5150/60 and target at 1.4600. Furthermore, short-term range trading is advisable; 1.4950 (Buy) and 1.5050 (Sell). A break on either side will shoot the prices, so trade accordingly.
Good Luck!
