Technical outlook and chart setups:
The currency pair is trading at the lower end close to the 1.42 levels for now. It is recommended to book profits on short positions taken earlier between the 1.44/1.45 levels. Two scenarios seem to be possible for now and, hence, staying flat is recommended. Looking into the overall trend structure, we can say it is bearish, the pair could continue dropping lower below the 1.4 levels or a rally could materialize from the 1.42 levels that could extend above 1.48. The probabilities should get clear in 1-2 trading sessions. Resistance is at 1.48 for now, followed by 1.5, while support is at 1.4030 and below the 1.4 levels, respectively.
Trading recommendations:
Book profits on short positions. Flat for now.
Good luck!
