Technical Outlook and Chart Setups:
Structurally, things remain unchanged at the moment; it is suggested to keep the following facts in mind before positioning trades. The single currency pair has just bounced off from 1.4670 level, just a few pips before the support at 1.4650. The downside Fibonacci extensions are hinting towards 1.4600 and below; hence selling rallies is the recommended trade strategy. It remains quite a possibility that 1.4800 levels (past support turned resistance), be tested again before further downside is seen. Looking lower from here on, possibly after a pullback.
Trade Recommendations:
Continue holding short positions taken earlier, but book 50-60% profits. Add further short positions if prices rally towards 1.4800/20 levels. Stop is at 1.4950, Target is at 1.4600 and lower.
Good Luck !
