Technical outlook and chart setups:
It stopped out of short trades earlier. As depicted here, the longer-term downtrend line is passing across the price now. Furthermore, fibonacci 0.618 resistance of the late downswing from 1.48 to 1.4, is passing through the prices at the moment. Immediate resistance is at 1.48, followed by 1.5 on the higher side. A bearish trade signal could materialize here in 1-2 trade sessions; which would enable us to initiate fresh short positions. Looking into the wave structure, a possible lower top is under way now; which would result into a bearish leg lower below 1.4 levels. On the flip side, a push higher would lead prices towards 1.4650/1.47.
Trading recommendations:
Flat for now. Looking to sell on a bearish signal.
Good luck!
