Technical outlook and chart setups:
1. The currency pair has retraced down up to 1.4850 as expected and discussed last week. Please note that this level is the past resistance having turned support now. It is recommended to initiate long positions at the current price (1.4880). Risk remains at 1.4800.
2. Immediate resistance is the 1.5020 level, while support levels are spread through 1.4770, followed by 1.4550, 1.4350, and lower.
3. The structure reveals that till the time prices stay above 1.4800 levels, bulls shall remain in control and print higher highs.
Trading recommendations:
Go long around 1.4870/80, set stop at 1.4800, target is open.
Good luck!
