Technical outlook and chart setups:
The single currency pair pulled back from recent swing highs (from 1.4800 level). At the moment it looks like the retracement/pullback may have completed around sub 1.4540/50. This level is also re-enforced by past resistance turned turned support region of the rally that had begun from 1.4070 level earlier. Immediate intermediary resistance is at 1.48 level, followed by 1.50 level; while support extends to 1.42 level followed by 1.4 respectively. It is recommended to book profits on short positions if taken earlier and also plan to initiate long positions. Looking into the overall structure, this rally could possibly extend itself to 1.49 level before reversing, kindly note that Fibonacci 0.618 resistance of the entire fall from 1.54 level to 1.4 is also around 1.49.
Trading recommendations:
Book profits on short positions if taken earlier. Initiate long positions now. Stop is below 1.45, and target is at 1.49.
Good luck!
