Technical outlook and chart setups:
As depicted on the 4H chart view here, the single currency pair is consolidating after reversing from the 1.4500 region last week. Intermediary resistance is at 1.4500/20 region, while support is at the 1.4170/80 level respectively. The current price action is suggestive of a possible decline from here, rather than 1.46/47 levels. Till the time 1.45 level is intact, it is recommended to short intraday/intraday rallies targeting fresh swing lows. Look for lower lows and lower highs to continue.
Trading recommendations:
Go short now (1.4280/85). Stop is at 1.45. Target is at 1.39/1.38.
Good Luck!
