Technical Outlook and Chart Setups:
As depicted above, the short-term support trend line seems to be broken. But prices are testing the 0.618 Fibonacci support level of the latest upswing, so a rally to 1.5100 level shall encourage bulls to take it further up. Only a break down of yesterdays lows will aggressively push the currency down towards 1.4700-1.4800 levels. At the moment, long positions are still intact and we recommend to keep them. 1.5200 is first resistance followed by 1.5300 level.
Trading Recommendations:
Remain long for now with a stop at 1.4900
Good Luck!
