Technical Outlook and Chart Setups:
Structurally things remain pretty much unchanged since last several trading sessions. We have presented Fibonacci Time Zones here. Each Fibonacci number in the past have produced a major price action as you may noticed. At the moment, we are near the time zone that represents number 89. Taking into account the factors below, we are pretty much convinced of a huge price action in store.
i. Prices stalling at past resistance turned to support region.
ii. Prices still within the periphery of short-term trend line support.
iii. Fibonacci 0.618 support is passing through 1.51 region.
iv. Prices near Fibonacci time zone 89.
We favour bullish action to resume anytime.
Trading Recommendations:
Stay long for now, with stop at 1.4900.
Good Luck!
