Technical Outlook and Chart Setups:
The first measured extension levels have been met at 1.5250 as depicted above. Going further, prices have retraced 0.618% of the immediate downswing and now are ready to fall further towards the next extension at 1.5100 level. It is recommended to hold onto short positions for now and also fresh sell positions can be taken at these levels. Immediate resistance is placed just above 1.5400 level as seen above. Stay short for now, sub 1.5100 level expected further. Intermediary support is now at 1.5250.
Trading Recommendations:
Stay short for now, stop above 1.5450 or the swing high, target 1.5100 level.
Good Luck!
