Technical outlook and chart setups:
As depicted in the 4H chart, the currency pair is drifting South below the 1.42 mark, but it is yet to register fresh lows. As shown, 1.4350 is immediate resistance, followed by 1.4500, while intermediary support is in the 1.4150/70 region. It is recommended to hold on to short positions taken earlier and also reduce risk. A breakdown of 1.4170 would push prices rapidly towards 1.3900 and 1.3800 levels respectively.
Trading recommendations:
Hold on to short positions taken earlier, reduce Risk/Move stop lower to 1.4350, target 1.3900/1.3800.
Good Luck!
