Technical outlook and chart setups:
The single currency pair is forming base around 1.45 level, as discussed yesterday. This is also re-enforced by the 0.382 Fibonacci support of the recent upswing between 1.42 and 1.48. Furthermore, the past resistance turned support region is also around 1.45 level. Smaller time frames have produced a bullish reversal as depicted here (1/4 Hour). It is recommended to hold long positions initiated yesterday with risk just below 1.45. Intermediary resistance is the 1.48 level, while support is at 1.42 respectively. It is quite possible that the single currency pair retraces further down to 1.44/43 levels before resuming rally. In that case we shall re-enter buying at lower levels.
Trading recommendations:
Initiate long positions, stop is below 1.45, and target is at 1.49.
Good luck!
