Technical outlook and chart setups:
The currency pair looks to be heading steadily towards measured extension levels at 1.49, as depicted in the chart. It is still recommended to book partial profits on long positions taken earlier and also move risk/stop to breakeven levels. Immediate resistance is at 1.48, followed by 1.5 while support is around 1.42 and 1.4 respectively. Prices are comfortably into the buy zone of the sloping down trendline, which was acting as resistance and as support now. By all probabilities, a back test of the resistance line is possible before the rally continues. Any dips would be opportunity to enter long again.
Trading recommendations:
Book partial profits, remain long for the rest and move stop to breakeven.
Good luck!
