Technical outlook and chart setups:
The currency pair has broken the past 1.4550 levels, as depicted in Daily chart. It is recommended to remain short with risk above the 1.47 levels. Immediate resistance is now at 1.47, followed by 1.48 and 1.5; while support levels are 1.4200, and 1.4 respectively. As it is seen here, the extension lines are spreading towards the 1.4370 levels at least; where the back side of the falling trendline and intermediary support trendline are converging as well. At the moment, we could consider the fall as retracement, and till the time prices are ahead of 1.42, a bullish bounce is expected. If prices fall back below the down trendline, only then scenario would change.
Trade recommendations:
Remain short for now. Stop is at 1.4750, target is at 1.4380.
Good luck!
