Technical Outlook and Chart Setups:
The single currency pair broke past the support range of the two-day trading range (1.4950-1.5050). 1.4950 should provide resistance to all intraday rallies, further up 1.5050/60 and 1.5150/60 levels are resistance to watch for. Intermediary support will be around 1.48 level, while 1.4700 is strong support. It is recommended to change the trading strategy from range to selling on rallies. Please note that the sloping line of resistance is very much valid and the prices are expected to continue drifting down till the trendline (resistance) is intact. Looking lower from here on.
Trading Recommendations:
Hold on to short positions taken earlier, sell on intraday rallies towards 1.4950 region, stop at 1.5150/60, and target is at 1.46.
Good Luck!
