Technical outlook and chart setups:
The currency pair is holding the 1.45 levels well till now. A higher low was formed yesterday just shy of the above level. It is recommended to hold long positions for now and add the remaining at around the 1.44 levels. As depicted here, support begins from the 1.4200 levels, followed by 1.4075; while resistance is at 1.48, followed by 1.5 respectively. The current rally extensions are pointing at the 1.49 levels from here on. That would be the price where the 0.618 fibonacci retracement of the entire fall from 1.54 to the 1.4 levels is also converging. We would be looking for going short around the 1.49 levels.
Trading recommendations:
Remain partly long, and add at 1.44, set stop below 1.43, target is at 1.49
Good luck!
