Technical Outlook and Chart Setups:
As seen here on the 4H chart view, bearish structure remains unchanged from yesterday. The currency pair has hit fibonacci 0.618 resistance level before reversing at 1.4100. Immediate resistance is around 1.4250, followed by 1.4350 and 1.45 respectively. Intermediary support is just below 1.40 for now. It is recommended to remain short from yesterday around 1.41 levels; prices are expected to fall towards 1.39, 1.38 and lower from here on. Please note that 1.4250 remains the key to a bullish reversal.
Trade Recommendations:
Stay short, stop is at 1.4300, target is towards 1.38.
Good Luck!
