Technical outlook and chart setups:
The single currency pair has rallied past the sloping downtrend line. A bullish candle appearance here would confirm a break, which could extend the rally further higher above 1.46. Immediate resistance region is 1.45/1.46, followed by 1.48, and strong resistance at 1.5 as depicted here. Support is at 1.42 (intermediary), followed by 1.4 and lower. A push ahead of 1.46 would confirm that the single currency pair is headed towards 1.49 levels. On the flip side, a failure to break 1.46 would reverse the same. It is recommended to remain long for now with risk at break even; a change in scenario would be re-considered.
Trading recommendations:
Remain long for now. Move stop to break-even levels.
Good luck!
