Technical outlook and chart setups:
As we had discussed yesterday and depicted on the 4H chart view here, the single currency pair has produced a bullish reversal/bounce from the measured level of 1.4030/40. Moreover, this level is also re-enforced by the 0.786 Fibonacci support level of the recent rally and upswing between 1.4 and 1.4280. The bullish reversal signal produced here is a tweezer bottom. It is hereby recommended to enter longs now (1.4150/60), and also buy further on dips around the 1.41 mark. A push above 1.4200 shall accelerate rally and confirm further upside. Please note that the currency should remain well supported ahead of 1.4 level now, while intermediary resistance is 1.4280, followed by 1.4350 and above. Bottom line: Stay long from here on, looking higher in the short term at least.
Trading recommendations:
Go long now, stop is at 1.4, and target is at 1.4430.
Good Luck!
