Technical Outlook and Chart Setups:
As depicted here, prices have managed to hold the 1.4800 level for the time being. But the follow through required for the expected rally to materialize is still missing. Price action since last 24 hours has been range bound, and the technicals are indicating exhaustion on the higher side. Resistance on the daily chart actually begins from the 1.5050 level and runs through 1.5150; while support is at 1.4800 initially and a break there will expose 1.4700 and 1.4600 respectively. It is recommended to quit long positions taken yesterday and look to short again.
Trading Recommendations:
1. Exit long positions taken yesterday.
2. Aggressive trading strategy would be to go short again at the current price (1.4850). Stop is at 1.5060, Target Is open.
3. More conservative/safe strategy would be to go short on a breakdown of 1.4800 keeping targets open.
Good Luck !
