Technical Overview and Chart Setup:
The single currency pair hit 1.5150 level on Friday, as expected. Still there is some room left for the downside move towards 1.5100 level before a pullback. We recommend to book partial profits on the short positions taken earlier and hold the remaining positions for downside extensions of 1.5100. Bears seem to be in control here, and any intraday rally should be used as opportunity to sell further. The risk/reward ratio would not be proper to sell at current levels. Book partial profits and hold remaining positions. Resistance is between 1.5300 and 1.5350 levels.
Trading Recommendations:
Hold on to short positions. Also book partial profits, exit at 1.5100.
Good Luck!
