Technical Outlook and Chart Setups:
The single currency pair rose through the support turned resistance zone around 1.4820/40; a daily chart view has been depicted here. Support is at 1.4600 followed by 1.4500 level from here. It is recommended to continue holding earlier short positions and also build fresh short positions on appearance of bearish signals at current levels. The sloping downtrend line resistance is at 1.5 level now. Looking lower from here on.
Trading Recommendations:
Hold on to short positions taken earlier, also fresh shorts can be taken at current levels. Stop is above 1.4950 and target is at 1.4600 level.
Good Luck!
