Technical outlook and chart setups:
The single currency pair breaks two of intermediary supports at 1.4580 and 1.45, stopping us out of long positions. The wave structure points to further weakness towards 1.4000 and even lower for now; since the pair has bounced off lower through a major line of resistance as seen here. It is therefore recommended to initiate 50% of short positions now (1.4580) and remaining on rallies towards 1.4680-1.4720. Immediate resistance is now fixed at 1.4800 level, followed by major at 1.5 level and 1.51, on the higher side. Support now is at 1.4400, followed by 1.4070 and lower. The bears seem to be under control now, and we are looking lower till 1.4800 remains intact.
Trading recommendations:
Initiate sell positions (50%), stop is at 1.4840, and target is open.
Good luck!
