Technical outlook and chart setups:
The single currency pair remains virtually unchanged from yesterday. It is recommended to remain long for now, keeping risk below 1.4500 from here on. Immediate resistance level is 1.48, while support begins from 1.42, followed by 1.4070 respectively. Please note that strong resistance is seen at 1.49 level, re-enforced by the Fibonacci 0.618 retracement level of the entire down swing from 1.54 to 1.4. The recent lows formed around 1.4550 level is also re-enforced by past resistance turned support. High probability remains for a possible last leg rally into 1.49, before reversing. Looking higher for now.
Trading recommendations:
Remain long, stop is below 1.45, and target is at 1.49.
Good luck!
