Technical outlook and chart setups:
The currency pair has been trading in wild swings between 1.4250 and 1.4500 during the last week. After having stopped out on long positions, it is recommended to remain flat for now. Looking into the fall from 1.4800 levels, a rally is expected to materialize towards 1.46 levels at least before the bear trend resumes. We would favor to enter short positions after a pullback or retracement takes place. Immediate resistance is 1.4800, followed by 1.5 levels and higher; while immediate support is at 1.4075, followed by 1.4 levels on the lower side. The break of rising trend line would confirm further weakness in the pair.
Trade recommendations:
Flat for now. Looking to sell rallies.
Good luck !
