Technical outlook and chart setups:
The single currency pair is bouncing off ahead of 1.4300 level recently, as seen here. This region is also marked by the Fibonacci 0.618 support of the rally from 1.4075 to 1.4800 recently. If this region holds well, it would be constructive for bulls, and a rally towards 1.5150 would remain possible. It is recommended to initiate long positions with risk below 1.4300. Major resistance remains at 1.5 level, while support is at 1.4075 level. An extended rally above 1.5150 would reach 1.5400 level. Immediate resistance are at 1.45/46 and 47 respectively. The chart remains constructive for bulls till prices are above 1.4300 level.
Trading recommendations:
Initiate long positions, stop is just below 1.4300, and target is open.
Good luck!
