Technical outlook and chart setups:
After having discussed the larger wave possibility, a 4H view is presented here that would stick to immediate formations. As seen here, the single currency pair exceeded 1.4450 yesterday before reversing sharply and also below the inner support line. The rally after can be termed as retracement till now, which is providing another opportunity to go short again. As discussed earlier, immediate resistance is at 1.4530 level, and till the time prices are lower, bears would remain in control. Support is lined up from 1.4300, followed by 1.4200, 1.4030 and just below 1.4 level. It is still recommended to remain short for a possible breakdown for.
Trading recommendation:
Remain short, stop is above 1.4550, and target is below 1.4.
Good Luck!
