Technical outlook and chart setups:
Let us take a look at possible wave structure presented here on the 4H chart view. Please note the following:
1. The downswing (towards the trend) under consideration is shown as AB here (1.45 - 1.40). The resistance at 1.4500 remains intact, and this is the level bulls would want to clear to gain trend control higher.
2. The counter trend has been shown as abcd formation here. a=1.4, b=1.4280, c=1.4030/40 and d= 1.43+ or d=1.4411. Intermediary support levels are 1.4030 and 1.4 respectively.
3. The entire wave structure here could be a possible down Gartley formation. Here the Fibonacci retracement of AB would be matching the Fibonacci extension of ab. As shown here, that convergence level is coming at 1.4411. Hence this could be the C of the larger ABCD wave which is lower than 1.4 level.
Trading recommendations:
Remain short, add further if prices reach 1.4411, stop is above 1.4550, and target is below 1.40.
Good Luck!
