Technical outlook and chart setups:
As depicted on the Daily Chart view here, the single currency pair has almost hit the measured extension levels at 1.4460/70 at yesterdays' lows. It is recommended to cover/book profits on short positions taken earlier. Also, as shown here, the 1.4700/30 region which was former support would act as resistance and rallies should be capped below the same. Above 1.47 region resistance on the daily chart is at 1.5 and a pullback/retracement is quite possible at the moment. Supports are at 1.4300 and 1.42 respectively. A break below yesterdays' low should accelerate further downside.
Trading recommendations:
Book profits on the short positions taken earlier. Flat for now.
Good Luck!
