Technical outlook and chart setups:
As depicted here, the currency pair remains locked in a trading range between 1.43 and 1.45 respectively. This could probably be a wave 4 consolidation, before the pair finally breaks lower to 1.41 and eventually 1.4 levels. It is recommended to sell rallies through the 1.45-1.46 levels with a downside target around 1.4 in the coming sessions. Immediate resistance is at 1.48, followed by major resistance at 1.5; while intermediary support levels are spread through 1.4075 and lower. The range can also be traded by going long around 1.43; and short around 1.45/1.46 respectively. The rising support line, should break convincingly for bears to accelerate.
Trade recommendations:
Flat for now, trade the range or sell rallies through 1.45/1.46.
Good luck!
