Technical outlook and chart setups:
The single currency pair bounced off right at the rising uptrend line yesterday, after printing lows intraday. The Fibonacci 0.786 ratio of the rally from 1.4075 to 1.4800 is also coinciding the bullish bounce. Keeping this into consideration, it is recommended to quit short positions and initiate long positions for now. Immediate support is seen at 1.4075, followed by 1.4; while resistance is seen at 1.48, followed by 1.5 and higher up. This bullish bounce appeared, 1.45/1.46 levels should be clear to instill further confidence into the long side. Looking higher, considering the bounce on the trend line.
Trading recommendations:
Initiate long positions, stop is at 1.4050, and target is open.
Good luck!
