Technical outlook and chart setups:
As it was discussed last Friday, the single currency pair rose through 1.5 level, but it was unable to register highs at 1.5050 level as expected. As depicted here, the prices faced resistance of the sloping trendline and the Fibonacci 0.786 level of recent downswing 1.5050/60 to 1.4670. Resistance levels are lined up from 1.5050/60 and 1.5150; while support is at 1.4700 and 1.4670 respectively. It is recommended to remain flat for at least one more trading session before entering. 1.5050/60 is immediate resistance and is expected to be held.
Trading recommendations:
Flat for now. Preparing to go short again. 1.5050/60 should be held.
Good Luck!
