Technical outlook and chart setups:
There is structurally no change from what has been discussed lately. The single currency pair should accelerate towards downside from here pretty quickly. Please note that immediate resistance is now at 1.47 level, followed by 1.48 and 1.5; while support is at 1.44, 1.4075 and lower. Overall structure is bearish and the prices have reacted right at the sloping trend line as depicted here. Hence it is highly recommended to remain short from here on and also plan to add on rallies. The downside extensions are pointing towards 1.4 and lower. Looking lower till prices remain below 1.47/1.48.
Trading recommendations:
Hold on to short positions, add further on rallies, stop is at 1.48, and target is open.
Good luck!
