Technical outlook and chart setups:
A 4H chart view has been presented here to have a short-term perspective view. As seen, the currency pair is testing the support line for now around 1.4750 levels. A bullish reversal here would bring back prices to at least 1.4800 levels; while a break here would target minimum 1.4600 levels. It is recommended to remain short for now and reduce the risk. Immediate support level is 1.4670, followed by 1.4640/50, 1.4570 and 1.4400; while resistance is at 1.4900. As discussed earlier, looking into the larger picture, 1.4900 is the fibonacci 0.618 resistance level for the entire downswing between 1.54 and 1.4 levels. It this approach is correct, then prices should continue to fall in a lower high/lower low sequence.
Trading recommendations:
Remain short for now, reduce stop to 1.4950, target open.
Good luck!
