Technical outlook and chart setups:
The single currency pair has reversed from 1.4900 levels as it was expected. It is recommended to stick to short positions taken yesterday and also look to sell intraday rallies. The immediate and major resistance is at 1.5000 levels; while support are lined up from 1.4700, followed by 1.4500, 1.4400 and lower. The bears would want to target each support for now. Please note that the entire structure has unfolded as a downswing between 1.54 levels to 1.4 levels earlier, that has been retraced to 1.49 levels, which is the fibonacci 0.618 level. Prices have shown respect for the level till now and if this resistance holds, we are in the beginning of a multi-month downtrend ahead.
Trading recommendations:
Remain short, stop at 1.5, target open.
Good luck!
