Technical outlook and chart setups:
The currency pair is moving higher as discussed yesterday. Currently trading is comfortable above the 1.46 levels; one can expect it to rally further after dips. It is recommended to remain long on positions taken earlier, and buy more during intraday dips as well. Immediate support is 1.4350, followed by 1.4200 and 1.4075; while resistance is fixed at 1.48 and 1.5 respectively. Please note that the entire structure is bearish, but an intermediary counter trend is being materialized towards the 1.49 levels for now. We shall watch the reaction at 1.49, which is more likely to turn bearish. Looking higher for now.
Trading recommendations:
Remain long, set stop at 1.43, target is at 1.49.
Good luck!
