Technical outlook and chart setups:
The currency pair has bounced off the fibonacci 0.618 support level of the rally between 1.42 to 1.49, as seen in the 4H chart. Intermediary resistance levels are spread through 1.4625, followed by 1.47 and 1.48; while support levels are spread through 1.42 and 1.4075, respectively. It is recommended to hold long positions for now and add further. A push through 1.4530 would confirm that prices are inching towards fresh intermediary highs around the 1.49 levels in the sessions to come. Please note that 1.49 is the fibonacci 0.618 retracement of the previous fall from 1.54 to 1.4. This level would be of interest to go short again.
Trading recommendations:
Remain long with risk at 1.42
Good luck!
