Technical Outlook and Chart Setup:
After drifting down towards 1.5230 level, the single currency rallied yesterday, testing 1.5350 level again. Looking into the smaller time frames, we can expect a 3 wave correction at least for the recent upswing from 1.5100 level to 1.5350 level. Even if the prices do not curve a downswing towards 1.5000 level, we can expect a base to form between 1.5150 and 1.5200 in the sessions to come. On the other side, a clear break above 1,5400 would ensure that a bottom is in place at 1.5100. We shall look out for opportunities to buy from there on.
Trading Recommendations:
Currently, continue holding short positions taken earlier with stop at 1.5400.
Good Luck!
