Technical outlook and chart setups:
As depicted here, prices seems to have stabilized at the 1.4860 level for now. The single currency pair may break above the 1.4980/85 (which is intermediary resistance) levels at the moment. Intermediate support is at 1.4860 followed by 1.4670 and lower. It is recommended to remain short on the positions taken yesterday; fresh shorts should not be initiated though. Furthermore, a break of the 1.4980 level here would take prices to fresh intermediate highs at 1.5050/60 in the short term.
Trading recommendations:
1. Short positions could be continued from yesterday, move stop to 1.4985.
2. Buy on a break of 1.4985, stop at 1.4880. Target 1.5050/60.
Good Luck!
