Technical outlook and chart setups:
The single currency pair has rallied just ahead of critical support of 1.44. It is recommended to hold on to long positions here in anticipation of a wave 5 rally that extends till 1.51 at least. Major resistance is still fixed at 1.5 level, followed by 1.51, 1.52; while immediate support is at 1.44, followed by 1.4075 and lower. As discussed yesterday, the overall wave structure looks like attempting to unfold in 5 waves, which is constructive for bulls. Immediate resistance levels to watch out for are 1.47 and 1.48. A push higher than that would bring 1.51 into focus. On the other hand, failure at 1.47 would be delaying matters ahead. Looking higher for now.
Trading recommendations:
Hold on to long positions, stop is at 1.4350, and target is open.
Good luck!
