Technical outlook and chart setups:
Looking into the daily chart wave structure presented here, the single currency pair seems to have retraced 60% of the fall from 1.5 levels to recent lows at 1.4 levels at 1.4600/50. Also note that the past support turned resistance zone is near 1.4700 region; also the sloping trendline is passing through the same levels. Keeping all this into consideration and a bearish signal appearance on hourly chart, it is now recommended to initiate short positions. Resistance is at 1.5, followed by 1.51, 1.52, and higher up; while daily chart support is at 1.4100 level. Bottom line: Look lower for now, at least towards 1.42.
Trading recommendations:
Go short around 1.4580-1.4600, stop is at 1.4800, and target is open.
Good luck!
