Technical outlook and chart setups:
As depicted on the 4H chart here, the single currency pair has initiated retracement down towards 1.4050/1.4080 levels as expected and discussed yesterday. The 1.4080 is also re-enforced by 0.681 of the recent rally. Intermediary resistance is now 1.4270/80 and prices are expected to head lower at least for short term. It is therefore recommended to stay short for a while before flipping trades. Looking lower for the short term, then reverse.
Trading recommendations:
Remain short for now, stop is at 1.4300, and target is at 1.4080. Then go long on a bullish signal.
Good Luck!
