Technical Outlook and Trade Recommendations:
There is absolutely no change in structure and the direction as depicted above. The fact that the single currency pair has hit its first measured downside extension at 1.5160/70 levels further adds confidence to our downside expectations. It still reflects bearishness and the expected downside at sub 1.5100 level shall be achieved in the upcoming trading sessions. The short term trend line support seldom meets around same price levels. Stay short for now.
Trading Recommendations:
Stay short for now, intraday rallies are opportunities to go short again. Target 1.5100.
Good Luck!
