Technical Outlook and Chart Setups:
The overall structure remains constructive for bulls. At the moment, prices are testing trendline support passing through 1.5080-1.5100 levels. As depicted above, the 0.5 Fibonaci support line is also passing around the 1.51 mark and past resistance turned to support as well embarks the same price levels. Considering the above three convergance levels, it is indicative that a rally is on the cards now. Maket is just moving sideways, in view of a major fundamental news to be out today. This is just a phase where most traders wait for major fundamentals to be out before they enter with conviction. Technically, bulls are ready for the rally. We humbly suggest traders to take long positions for now. Risk-Reward ratio is the best right now.
Trade Recommendations:
No change. Remain long with stop at1.4900.
Good Luck!
