Technical outlook and chart setups:
A simple 4H chart view has been presented here, with Fibonacci resistance spread across the recent downswing from 1.5 to 1.4170. As it was expected last week, the single currency pair has risen through 1.4500 level and higher. Resistance still extends till the 1.46/1.47 levels and above. Intermediary support is at 1.4170/1.4200 levels for now. It is recommended to book profits on long positions taken last week. Aggressive traders can look for opportunities to enter short positions. Looking lower for now.
Trading recommendations:
1. Book profits on long positions taken last week at current price (1.4505).
2. Aggressive traders could go short. Stop is at 1.4700. Target is open.
Good Luck!
