Technical Outlook and Chart Setups:
A 4H view has been depicted here to interpret the recent wave structure. We have to observe the following:
1. The sloping line of resistance stays intact and is passing through 1.4970 level at the moment.
2. Resistances are placed at 1.5050/60 and 1.5150 levels respectively.
3. Intermediary support is at 1.4670; and 1.46/1.45 on the lower side.
4. Prices have stalled at a 0.618 Fibonacci resistance level of the recent down swing, depicted as AB on the chart.
5. Till the time prices stay below 1.5050/60 levels (the first resistance), it is recommended to remain short and sell intraday rallies as well. 1.4900/15 remains resistance for any rallies now.
Trading Recommendations:
Stay short. Sell intraday rallies as well. Stop is at 1.5050. Target is below 1.46 and 1.45.
Good Luck!
