Technical outlook and chart setups:
A short term view has been depicted here for a closer look into the waves. The currency pair has halted its retracement at the fibonacci 0.618 support levels of 1.44, as depicted here. It is extremely likely that a rally from here should take off any moment now. Hence, it is suggested to hold on to long positions taken earlier and also add if possible. Immediate resistance seen here is at the 1.4525 levels, followed by 1.47 and 1.48; while support is at the 1.42 levels, followed by 1.4075 and lower. Extensions are pointing at the 1.49 levels in the near future, before a meaningful reversal takes place. Looking to rally for now.
Trading recommendations:
Hold on to long positions. Stop is below 1.43, target is at 1.49.
Good luck!
