Technical outlook and chart setups:
The currency pair is seen to be near the bottom of the trading range of 1.45 and 1.46. Please note that the short-term support trendline is passing through the same region at the moment indicating a bullish bounce. It is recommended to remain long and also add further positions now. 1.44 remains the 0.618 fibonacci support. Immediate resistance is seen at 1.48, followed by 1.5 on the higher side; while support is at 1.42, followed by 1.4075 respectively. Fibonacci extensions are pointing towards 1.49 on the higher side before major reversal occurs. Furthermore, the 1.49 level is the fibonacci 0.618 resistance of the entire fall from 1.54 to 1.4.
Trading recommendations:
Remain long for now, set stop below 1.43, target is at 1.49.
Good luck!
