Technical Outlook anf Chart Setups:
Short recommendations issued in the earlier weeks have materialized well till now. We are still in the 4th wave flat/triangle scenario, and prices are stalling again at past resistance which turned to support at 1.5 level. Risk-reward ratio is the best at these levels to become bullish again. There are 3 strong reasons for going long at the moment.
i. Trend line support is available as depicted above.
ii. Fibonacci support is available around 1.5 level.
iii. Past resistance turned to support at these levels.
Trading Recommendations:
Go long now at 1.5120 level, stop at 1.4900, targetting 1.55/56 levels.
Good Luck !
