Technical Outlook and Chart Setups:
As depicted above, the pullback has taken a pause after 3 sessions of bullish action. We still believe that charts are not yet indicating a bullish reversal; and there may be one more downswing towards 1.5000 level. As one can see, the rising trend line support and 0.618 Fibonacci confluence is also at 1.5000 level. We had recommended initiating a short position yesterday with proper risk management and we still favor that trade. A bearish reversal may materialize anytime soon. Only a clear break above the dropping line of resistance (shown above) would indicate that a bottom is in place at 1.5100 level.
Trading Recommendations:
Stay short from yesterdays' position; stop at 1.5400, target 1.5000
Good Luck!
