Technical Outlook and Chart Setups:
Continuing from where we left yesterday, the single currency has started /initiated its expected downswing towards 1.51-1.5090 region. We have depicted 4 convergence possibilities around the 1.5100 mark.
1. Trend line support is passing.
2. Fibonacci Retracement of the last upswing from 1.4790 to 1.5400 levels.
3. Fibonacci extensions of the latest downswing from 1.5400 to 1.5250 levels.
4. Past Resistance turned to support region.
Hold on to short positions for now towards 1.5100 levels. Use intraday upswings as opportunities to enter selling.
Trading Recommendations:
Hold short positions, target 1.5100 level.
Good Luck!
